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Randal Quarles, director of a Salt Lake City investment firm, has been nominated to serve as bank supervisor in President Donald Trump's administration.
The White House announced Monday the nomination of Quarles, founder and managing director of the Cynosure Group, to serve as the Federal Reserve's vice chairman of bank supervision the top regulatory role in the agency.
The announcement also said Quarles was nominated to serve on the Fed's board of governors through 2032.
Quarles worked in top finance roles in the President George W. Bush and George H.W. Bush administrations. He also spent time as U.S. executive director for the International Monetary Fund.
The vice chairman position was created in 2010 by the Dodd-Frank Act. If confirmed by the Senate, Quarles would be the first in the role former President Barack Obama never appointed anyone.
Quarles is against imposing higher capital standards on banks, Politico reported, a welcome stance by the banks. He's expected to play a role in undoing several regulations instituted after the financial crisis that Trump has argued are unnecessary.
Quarles would testify twice a year before Congress about regulatory issues.
He is married to Hope Eccles, of the well-known Utah family involved in a wide array of businesses and philanthropic causes.