Federal Reserve Board member Randall Quarles announced Monday that he is resigning at the end of December, leaving another vacancy for the central bank to fill for President Joe Biden.
Quarles served as the Fed’s first vice president overseeing banking supervision, but his four-year term in that position ended in mid-October. He could remain on the board as governor until January 2032.
Biden has yet to appoint anyone to the vice president role, and there are several other decisions to be made about the Fed’s leadership, including Jerome Powell returning to the top spot after his four-year term ends on February 5. Includes appointment.
Biden has been under intense pressure to put officials from the moderate wing of his Democratic Party in positions that would be tough on Banks.
However, Treasury Secretary Janet Yellen has praised Powell’s handling of the economy amid the COVID-19 crisis, and has reportedly backed him for a second term.
Powell served on the board when Yellen headed the central bank of the world’s largest economy, but Biden’s predecessor Donald Trump did not reappoint him to the position.
In addition to determining who will lead the Fed, Biden will have to fill an existing vacancy on the board while Vice Chairman Richard Clarida’s term ends on January 31.
Powell was in the White House on Thursday, reportedly to meet with Biden, as was Lyle Brainard, the lone remaining Democrat on the Fed board.
In his letter to Biden, Quarles did not specify the reason for his departure, saying only that “after completing the final month of my term as vice president to oversee the board, I will serve as governor of the Federal Reserve.” I intend to resign from my post. During or around the last week of December this year.”
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