image credit: Vecteezy

Fed’s Quarles to step down at year’s end

November 8, 2021


Federal Reserve Gov. Randal Quarles resigned Monday in a move that allows President Joe Biden to give the central bank a Democratic majority.

Quarles’ seat is the third Fed post Biden could fill in the coming months. One seat on the seven-member board is vacant. A second, held by Fed Vice Chair Richard Clarida, is set to be open in January, when Clarida’s term expires. Provided Biden fills the Quarles, Clarida and empty seats with Democrats, that would give the central bank’s board a 4-3 liberal tilt, when sitting Fed Gov. Lael Brainard is taken into account.

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