October 5, 2017
In a 65 to 32 vote, the Senate has approved Randal Quarles, a former Treasury official and banking lawyer, to the Federal Reserve's Board of Governors. Seen as a proponent of financial deregulation who has voiced opposition against breaking up big banks, Quarles will oversee a review of banking regulation as Vice Chairman for Supervision, a post created after the financial crisis that until today had yet to be filled. As a governor, he will serve the remainder of a term expiring early next year followed by an additional 14-year term expiring in 2032. His appointment marks the first for President Trump who still has 2 empty spots to fill on the Fed's board.