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Fed board member to leave by 2022, leaving Biden to fill 3 seats
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Randal Quarles has resigned his position from the Board of Governors of the Federal Reserve System, effective by the end of December.
In a Nov. 8 resignation letter addressed to U.S. President Joe Biden, Quarles said he planned to leave the Fed “during or around the last week of December of this year” after serving at the government agency for more than four years. He has been a member of the Federal Reserve Board as well as its Vice Chair for Supervision since 2017, with terms expected to end in January 2032 and October 2021, respectively.
Seven members are expected to sit on the Federal Reserve System’s Board of Governors, nominated by the current U.S. President and confirmed by the Senate. With the departure of Quarles, President Biden
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