United States | Resignation from the Fed, a new key position to be filled for Biden

(Washington) One of the US central bank governors, Randall Quarles, announced his resignation on Monday, and the responsibility to replace him now lies with the White House, which is eagerly awaiting its choice on the future head of the Cabinet. Institute.

“Looking at the end of my tenure last month as Vice President […]At the end of December, Randall Quarles noted in a letter sent Monday to Joe Biden, which was published.

Same as Donald Trump

Randall Quarles, appointed by former President Donald Trump, was until October 13, the Fed’s vice president responsible for banking regulation.

Since the expiration of this mandate, he is again a simple governor, and his term expires on January 31, 2032.

Joe Biden now has two new governors to choose from: one to replace Randall Quarles, and one to fill a vacant seat.

An opportunity for the Democratic president to reshape corporate governance, as the left wing of his party presses to select officials who direct their work toward climate risk, and toward greater social and economic justice.

Who will replace Jerome Powell?

But Joe Biden in particular is eagerly awaiting his selection as the future chair of the Federal Reserve, and Jerome Powell’s four-year term expires in February 2022.

Photo Eric Bardat, Agence France-Presse Archives

Lyle Brainard, the only Democratic governor at the Federal Reserve, is in favor of tightening banking regulations. She is in the process of appointing her president if Jerome Powell is not reappointed. We see it above during a Federal Reserve Board meeting in Washington, October 4, 2019.

The President of the United States recently promised to make a quick decision on the subject, which is the subject of heated debates among the various sensitivities of the Democratic Party.

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according to The Wall Street JournalOn Thursday, Jerome Powell was received at the White House, as was Lyle Brainard, the only Democratic governor of the Federal Reserve, and an advocate of strict banking regulations. She is in the process of appointing her president if Jerome Powell is not reappointed.

Traditionally, the Fed chair has been reappointed for a second term. But Republican President Donald Trump broke with that tradition by appointing Jerome Powell to replace Janet Yellen, Joe Biden’s current Treasury Secretary.

The White House will also have to choose a new governor to replace Richard Clarida, who was also appointed by Donald Trump and whose term expires at the end of January 2022.

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