Economics
Fed's Quarles Is in Two-Horse Race to Succeed Carney at FSB
- FSB succession now focused on Quarles, Dutch central bank head
- Mark Carney’s term at G-20 watchdog is scheduled to end Dec. 1
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Randal Quarles, the Federal Reserve’s vice chairman for supervision, is vying with the head of the Dutch central bank to lead a watchdog panel for the global financial system.
Quarles, the U.S. central bank’s chief Wall Street regulator, and Klaas Knot are the front-runners to lead the Basel-based Financial Stability Board after Mark Carney steps down on Dec. 1, according to people with knowledge of the succession process. European resistance to installing an American atop the FSB has softened with the easing of trade tensions between the U.S. and the European Union, one of the people said.