Washington, July 11 (IANS) President Donald Trump named Randal Quarles, a former top Treasury Department official, as his choice for the Federal Reserve’s vice chair for supervision post, filling one of three vacancies on the board, the media reported.
The President’s nomination will require Senate confirmation, CNN reported on Monday.
Quarles is the first person to fill the role, which was created under the 2010 Dodd-Frank reform law to oversee the country’s largest US banks.
Former President Barack Obama never nominated anyone for the job. Daniel Tarullo, the former Federal Reserve governor, who stepped down in April, served as the de facto vice chairman for supervision.
By filling the post, the Trump administration will now have an opportunity to reshape the post-crisis financial regulatory landscape, according to analysts.
The President has repeatedly renewed his pledge to do a “major elimination of the horrendous” Dodd-Frank regulations.
Quarles, if confirmed, will be in a position to help steward a comprehensive review of existing regulations to find areas of improvement, rather than building it from scratch.
Once Quarles’s appointment is confirmed by the Senate, the Fed’s seven-member board still has two vacancies.
As Fed Chair Janet Yellen’s current term expires in February 2018, the Trump administration has also begun the search for the next Fed Chair.