Senator Orrin Hatch (R-Utah)—the senior Republican in the United States Senate and the Chairman of the Senate Finance Committee—released the following statement on the nomination of Randal Quarles to serve as Vice Chairman for Supervision of the Federal Reserve:
I applaud President Trump’s nomination of Randal Quarles to serve as Vice Chairman for Supervision of the Federal Reserve. Mr. Quarles is an exceptional leader with decades of experience in both the public and private sector. He understands the intricacies of sound monetary policy and brings with him valuable perspectives that will help advance the work of the Federal Reserve.
I had the honor to introduce Mr. Quarles in 2002 at his confirmation hearing to be the Assistant Secretary of Treasury before the Senate Finance Committee. I am pleased to see someone with Utah roots be nominated to serve in such a key position. I look forward to the swift confirmation of Mr. Quarles so that the Federal Reserve can meet the challenges and opportunities it faces in maintaining monetary and financial stability.
Quarles has had an extensive career in government and international finance. He served as Under Secretary for Domestic Finance in the George W. Bush Administration, and before that, as Assistant Secretary of the Treasury for International Affairs and US Executive Director of the International Monetary Fund. He had earlier served in the George H.W. Bush Administration as Deputy Assistant Secretary for Financial Institutions Policy. He is a founder and managing director of The Cynosure Group, a private investment firm in Salt Lake City. Before founding Cynosure, Quarles was a partner at The Carlyle Group and the co-head of Davis Polk & Wardwell. He graduated summa cum laude in philosophy and economics from Columbia University and earned a J.D. from the Yale Law School.