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Fed's Quarles Appointed as Chairman of Financial Stability Board

  • U.S. regulator gets three-year term succeeding BOE’s Carney
  • Global role could heighten tension with Trump administration
Randal Quarles

Randal Quarles

Photographer: Zach Gibson/Bloomberg

Federal Reserve Governor Randal Quarles has been named to lead the Financial Stability Board, a move that puts him at the helm of a panel whose global approach to bank regulation is at odds with President Donald Trump’s “America First” agenda.

The selection of Quarles, the Fed’s vice chairman for supervision, was announced by the Basel-based FSB in a statement Monday. Quarles will serve a three-year term, succeeding Bank of England Governor Mark Carney, while continuing in his role at the U.S. central bank.