November 10, 2021
1 min read

Fed Reserve Guv Randal Quarles to step down in Dec

The Fed said in a statement that Quarles has played a “central role” in ensuring the safe operation of both the domestic and international financial systems during the stress of the Covid-19 pandemic…reports Asian Lite News

Federal Reserve Governor Randal Quarles said that he would step down from his position by the end of next month.

“After more than four years as a member of the Board of Governors of the Federal Reserve System, and given the completion last month of my term as Vice Chairman for Supervision of the Board, I intend to resign my position as a Governor of the Federal Reserve during or around the last week of December of this year,” Quarles said in a letter to President Joe Biden.

“It has been a great privilege to work with my colleagues on the Board, throughout the Federal Reserve System, and among the global central banking and regulatory community,” he said.

The Fed said in a statement that Quarles has played a “central role” in ensuring the safe operation of both the domestic and international financial systems during the stress of the Covid-19 pandemic.

Prior to his appointment to the Fed board in October 2017, Quarles was founder and managing director of The Cynosure Group, a private investment firm.

He also served in a variety of senior positions at the Treasury Department and was an Executive Director at the International Monetary Fund.

The resignation came as Biden is expected to announce whether he will renominate Fed Chair Jerome Powell as soon as this week, according to the media.

Powell’s four-year term as Fed chief ends in February 2022.

ALSO READ: Biden, Xi to hold virtual meet next week

Previous Story

NASA delays human moon landing until 2025

Next Story

Taliban FM lands in Islamabad

Latest from USA

Texas flash floods kill at least 24; Trump vows help

President calls tragedy ‘shocking’ as search for missing continues overnight At least 24 people have died in Kerr County, Texas, after catastrophic flooding swept through the region, prompting a large-scale rescue and

USAID cut could kill 14 million more deaths

Human rights advocates and global health experts have expressed alarm at the speed and scale of the cuts…reports Asian Lite News A new study published in The Lancet has warned that ongoing

Trump goes nuclear on Mamdani

Mamdani, a 33-year-old democratic socialist and son of Indian-Ugandan immigrants, secured a surprise victory over former governor Andrew Cuomo in the Democratic primary.;…reports Asian Lite News President Donald Trump has intensified his
Go toTop

Don't Miss

USAID urges China to assist Lanka’s debt restructuring

The USAID stated that the complex emergency that has resulted

‘Imran facing funding probe in US’

The PML-N leader accused Imran Khan of destroying Pakistan’s relations