Fed’s Quarles to Resign Before 2022

Paving the way for Biden’s Administration to take further steps in the path remaking the Federal Reserve Bank, Federal Reserve Governor Randal Quarles said he will step down from his post around the end of the current year.

The resignation announcement has come a little over a month after ending Quarles‘ run as the Fed’s supervisor of the banking system. Quarles’ resignation news was expected but became official Monday and will be effective during or around the last week of December according to his letter to U. S. President Joe Biden.

Though his actual term on the board of governors does not expire for another 11 years, Quarles announced he is walking away from his position as governor. He also had held the special supervisory role that was established to address some of the conditions that led to the 2008-09 financial crisis.

Biden met separately, Friday, at the White House with Fed Chair Jerome Powell and Fed governor Lael Brainard. The president is expected to decide soon whether Powell will be reappointed to lead the central bank.