Federal Reserve Vice Chair for Supervision, Randal Quarles, will resign in February, allowing President-elect Donald Trump to nominate a replacement. Quarles' departure is seen as a way to avoid a potential conflict between him and the incoming administration, which is rumored to favor a more pro-bank stance. The Fed will halt major rulemaking decisions until a successor is appointed.
The Federal Reserve 's top banking regulator will be stepping down next month, paving the way for President-elect Donald Trump to name a replacement and heading off a potential confrontation between the two.
"It has been an honor and a privilege to serve as the Federal Reserve Board's vice chair for supervision, and to work with colleagues to help maintain the stability and strength of the U.S. financial system so that it can meet the needs of American families and businesses," Barr said in a statement.Though he did not specifically mention the rumors that Trump would attempt to remove him, he said"The risk of a dispute over the position could be a distraction from our mission.
Federal Reserve Randal Quarles Donald Trump Banking Regulation Financial Crisis
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