Fed board member to leave by 2022, leaving Biden to fill 3 seats


Randall Quarles has resigned from the Federal Reserve Board since the end of December.

In a farewell letter to US President Joe Biden on Friday, Quarles said he plans to leave the Fed “within or around the last week of December this year,” after working for a government agency for more than four years. He has been a member as well as its Vice President of Supervision since 2017 and is expected to expire in January 2032 and October 2021, respectively.

The Federal Reserve Board of Governors is expected to have seven members, each nominated by the current president of the United States and approved by the Senate. Following Quarles’ resignation, President Biden is likely to receive at least three nominations, given that current Vice President Richard Clarida is expected to step down in January 2022.

Former board members Daniel Tarullo and Stanley Fisher resigned in 2017. In addition, Jerome Powell’s term as chairman of the Federal Reserve will expire in 2022. If Biden is re-elected in 2024, he may also have the opportunity to take over as Lyle Brainard. at expiration in 2026.

At the COP26 Climate Change Summit in Scotland, President Biden told the press that he intends to announce his Federal Reserve election “fairly soon” after careful consideration:

“I think we will have enough time to ensure that all the main candidates can be eliminated in time as their deadlines are about to expire […] I thought a lot about this and met my financial advisers about the best options. ”
During his time in the Federal Reserve, Quarles said that federal agencies should consider the right approach to regulation before laying the groundwork for overseeing the cryptocurrency market. Prior to the 2017 beef campaign, he claimed that the widespread use of cryptocurrencies could create “serious problems with financial stability”, suggesting that the government is working with banks to create digital payment solutions.

On the subject: Fed Powell has no intention of banning bitcoin or cryptocurrency

Federal Reserve officials are increasingly talking about the role of digital assets in US markets as space grows larger and larger. While the US government has not announced plans for the digital dollar, Powell said in September that the agency “is actively working on a digital central bank currency”, but it is not urgent.



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