Trump’s First Fed Pick Gets Senate Approval

Oct 06, 2017

The most prominent freshman member of the 116th Congress has landed a seat on the House Financial Services Committee

The U.S. Senate approved President Trump’s first appointment to the Federal Reserve, confirming Randal Quarles as the central bank’s Vice Chairman for Supervision.

According to a Bloomberg report, Quarles is the first person to hold that chairmanship, which was created as part of the Dodd-Frank Act but never filled until know. He will also serve on the Federal Open Market Committee, the Fed’s policy making apparatus. Quarles previously served in several Treasury Department positions during the administrations Presidents George H.W. Bush and George W. Bush, and recently led a Salt Lake City-based private equity firm after working with Carlyle Group LP.

The Senate voted 65-32 to approve Quarles, whose nomination was angrily opposed by Sen. Elizabeth Warren (D-MA), who wisecracked, “His motto seems to be: Whatever the big banks want, give it to them.”

President Trump has three additional Fed vacancies to fill, and will also have to consider the Fed chairmanship when Janet Yellen’s term concludes next year.

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Phil Hall

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Oct 06, 2017

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