Hatch statement on the confirmation of Randal Quarles to the Federal Reserve

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 after Randal Quarles was confirmed to serve on the Federal Reserve Board of Governors and approved as Vice Chairman for Supervision. 

“I applaud the confirmation of Randal Quarles to help lead and oversee the Federal Reserve System,” Hatch said. “Mr. Quarles is eminently qualified to serve in this important position. Through his long experience in public service and the private sector, Mr. Quarles has gained expertise in financial regulation, economics, and the firsthand operations of financial institutions. He also has a proven track record of leadership and policy management.”

Hatch continued, “It is paramount that the Fed be equipped with a well-rounded leadership team so it can meet the challenges and opportunities of maintaining monetary and financial stability. I firmly believe that Mr. Quarles is the ideal fit to take on such responsibilities—for the success of the Federal Reserve and the good of our nation. It is critical that Mr. Quarles begin his work at the Fed as soon as possible.”


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. Earlier, he 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.