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Revolving Door Spins Ex-Carlyle Deal-Maker Into Key Fed Role

  • Quarles helped private-equity firm buy banks after 2008 crisis
  • Dodd-Frank critic was a Treasury official in runup to meltdown
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How Quarles Could Influence Fed Policy

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For Randal Quarles, the 2008 financial crisis presented an opportunity. Then a Carlyle Group managing director, he hunted through the carnage of the banking industry in search of deals and pushed regulators for more leeway.

Now, the lawyer who once sought to topple regulatory obstacles is set to become Wall Street’s chief watchdog, President Donald Trump’s pick as the Federal Reserve’s vice chairman for supervision. To the job widely regarded as the biggest in bank regulation, Quarles brings a view that regulation is more likely to be a problem than a solution.