US Senate Confirms Trump Pick As Fed Vice Chairman

Tarikh kemaskini: 06/10/2017

WASHINGTON, Oct 6 (Bernama) -- US Senate on Thursday approved Randal Quarles as the Federal Reserve's first-ever vice chairman for supervision in a vote of 65 to 32, a critical role for financial regulations in the US, China's Xinhua news agency reported.

Quarles, an investment-fund manager and former US Treasury official, is expected to play a leading role in the Trump administration's efforts to overhaul the financial regulatory system.

At his confirmation hearing in July, Quarles supported refinements to the regulatory regime adopted after the 2008 financial crisis, such as stress tests for big banks.

Quarles will also sit on the Fed's monetary policy committee and have influence over the monetary policy decisions. He has criticised the Fed for its unpredictable policy-making.

The Fed's vice chairman for supervision was created by US Congress under the 2010 Dodd-Frank Act, which was enacted in response to the 2008 financial crisis. But it was never filled during the Obama administration.....