Fed's Banking Watchdog Is Poised to Lead Global Regulator
- Quarles in line to be FSB chair, while maintaining Fed duties
- Klaas Knot will succeed Quarles at FSB after three years
Randal Quarles
Photographer: Zach Gibson/BloombergThis article is for subscribers only.
U.S. Federal Reserve Vice Chairman Randal Quarles is expected to succeed Bank of England Governor Mark Carney as chairman of the Financial Stability Board, a key global financial regulator, according to two people familiar with the matter.
Quarles, the U.S. central bank’s head of supervision, will take the helm of the Basel-based FSB for three years, while maintaining his responsibilities at the Fed, the people said. Klaas Knot, president of the Dutch central bank, will serve as Quarles’s FSB deputy. Knot will then assume the chair for the following three years.