WASHINGTON (AP) — Randal Quarles, President Donald Trump’s nominee for the Federal Reserve Board, says he likes a predecessor’s ideas for where regulators should prune banking rules.
At his Senate confirmation hearing, Quarles says he agrees with recent recommendations of the man he’d replace as the head of bank oversight.
The predecessor, Daniel Tarullo, only filled the role informally. Quarles was nominated by Trump and would be the first official vice chair for bank supervision, making him a key player in the president’s drive to scale back financial rules.
Quarles was a senior Treasury official under both Bush presidencies and now co-heads an investment firm. He’s expected to win approval from the Senate Banking Committee, after which the nomination will go to the full Senate. Confirmation is all but assured.
