Federal Reserve Governor Randal Quarles said he will resign at the end of the December, leaving another vacant spot for the White House to fill and giving President Biden a chance to reshape the leadership of the U.S. central bank.
Quarles recently finished out his term as the Fed’s first-ever vice chairman of supervision of U.S. banks, a role created after a major financial crisis in the 2007-2009 Great Recession. He was tasked with ensuring that U.S. financial institutions were financially sound.
The resign of Quarles leaves two open seats on the seven-member board of governors, the Fed body that helps set U.S. interest rates. The term of another member, Fed Vice Chairman Richard Clarida, also expires at the end of January.
The Biden administration is also considering whether to nominate Fed Chairman Jerome Powell for a second term.