President Donald Trump plans to nominate former Treasury Department official Randal Quarles to be the Federal Reserve's top banking regulator, according to multiple media reports.
Quarles, who served as a senior Treasury official in former President George W. Bush's administration, currently serves as managing director of private equity firm The Cynosure Group.
Trump is expected to select Quarles as the Fed's vice chairman for bank supervision, a position that requires Senate confirmation.
A person familiar with the selection process told Bloomberg that Quarles would bring a background in both domestic and international finance to the role.
The position was created by the Dodd-Frank financial regulatory reform bill but was never formally filled by former President Barack Obama.
Fed Governor Daniel Tarullo handled the vice chair of supervision's duties on a de facto basis until stepping down earlier this month.
Trump has repeatedly pledged to roll back the financial regulations imposed by Dodd-Frank, which he claims stifle lending.
Independent bank analyst Mike Mayo told Bloomberg the selection of Quarles would reflect "the pendulum shifting from tougher regulation to neutral."
Bloomberg noted the Fed's vice chair of supervision has great sway over JPMorgan Chase (JPM), Goldman Sachs (GS) and other large banks.
by RTT Staff Writer
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