The U.S. Senate on Tuesday voted 66-33 to approve a key Federal Reserve official to serve a full term on the central bank’s board of governors.
Randal Quarles assumed responsibilities as the Fed's vice chair for supervision in October, but Tuesday's vote grants him a 14-year term as governor, a role he held temporarily.
Bank lobbyists will cheer the move in the hopes that Quarles, who was appointed by Republican President Donald Trump, will continue to lighten the regulatory load for lenders during the new Fed governor's term.
© 2023 Thomson/Reuters. All rights reserved.