Randal Quarles
American businessman
Randal Keith Quarles (born September 1957) is an American private equity investor and attorney who served as the first Vice Chair for Supervision of the Federal Reserve from 2017 to 2021. He concurrently served as the chair of the Financial Stability Board from 2018 to 2021.
From August 2001 until October 2006, Quarles held several financial policy posts in the George W. Bush administration, ultimately serving as Under Secretary of the Treasury for Domestic Finance. After leaving the Bush administration, he became the founder and head of The Cynosure Group, a private investment firm, and a former managing director of The Carlyle Group, one of the world's largest private equity firms. In 2012, Quarles was widely mentioned as a possible Treasury Secretary or senior White House adviser in future Republican administrations.
In July 2017, Quarles was nominated by President Donald Trump to be board member and vice chair for supervision of the Federal Reserve System. He was confirmed by the United States Senate on October 5, 2017, by a 65–32 vote on the board seat and by voice vote on the vice chair position. The bank supervision position had been created under the 2010 Dodd-Frank financial law but had never before 2017 been filled. He left the role of Vice Chair for Supervision in 2021 and retired from the Federal Reserve in 2021.
Early life and education
Born in San Francisco, Quarles was raised in Roy, Utah, graduating from Roy High School in 1975.
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