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Quarles to End Role as Chief Watchdog of Wall Street Banks

  • Fed clarifies post before vice chair term expires Wednesday
  • Statement says Quarles to share duties on supervisory panel
Bloomberg business news
Fed’s Quarles to End Role as Chief Wall Street Watchdog
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Federal Reserve Vice Chairman for Supervision Randal Quarles will be removed from his role as the main watchdog of Wall Street lenders after his title officially expires this week.

The industry widely expected Quarles to effectively remain head of the central bank’s supervisory committee, even without the vice chairman title. But the board has instead decided not to have a single governor take that position, according to a statement.