Federal Reserve Governor Randal Quarles Announces Resignation

Randal Quarles is resigning as a Federal Reserve governor, 11 years before his term was to expire.

What Happened: The Wall Street Journal reported that Quarles, who was appointed to the Fed by President Donald Trump in 2017, will leave the central bank around the end of the year, citing the completion of his term as vice chairman for bank supervision. Quarles' term runs through 2032.

Quarles held several financial policy posts in the George H.W. Bush and George W. Bush administrations. Outside of government, he founded The Cynosure Group, a private investment firm, and was also a managing director of The Carlyle Group, a private equity firm.

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What Happens Next: Quarles’ departure leaves President Joe Biden with three Fed vacancies to fill after regional Fed presidents Robert Kaplan of Dallas and Eric Rosengren of Boston resigned in September following disclosures they engaged in stock trading during 2020. A fourth vacancy could occur in January when Fed Vice Chairman Richard Clarida's term expires.

Biden is also mulling whether to reappoint Fed Chairman Jerome Powell to a second term. Powell, a Republican, was appointed by Trump, but the former president repeatedly criticized Powell and occasionally raised the possibility that he would attempt to fire him.

Photo: Brookings Institution