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Top Economist: Quarles An “Ideal Choice” For Federal Reserve Role

Clarida stated that Quarles is a “remarkable, accomplished individual,” and highlighted that he would take a “sensible approach,” in his new position.

Noted economist Richard Clarida, who serves as C. Lowell Harriss Professor of Economics and International Affairs at Columbia University’s School of International and Public Affairs and Global Strategic Advisor for PIMCO, yesterday called Randal Quarles the “ideal choice” to serve as the first Vice Chair of financial supervision at the Federal Reserve.

Appearing on the Bloomberg Surveillance podcast, Clarida stated that Quarles is a “remarkable, accomplished individual,” and highlighted that he would take a “sensible approach,” in his new position. Clarida said that Quarles’ background makes him an “ideal choice,” for the Federal Reserve Board.

The Wall Street Journal profiled Quarles this morning, reporting that in his new role he’s expected to move “methodically, and to seek consensus.” The article notes that Quarles has criticized “unpredictable policy-making” in the past and would likely seek to make the government a “referee” instead of a “player” in the financial sector.

Quarles had a strong performance in his confirmation hearing Thursday before the Senate Banking Committee, pledging to promote a “stronger economy” and “robust job growth” at the Fed.