Quarles stated he would be “strongly committed” to carrying out the Federal Reserve’s mission of “promoting a stronger economy and the stability of the financial system”
President Trump’s nominee to serve on the Federal Reserve’s Board of Governors, Randal Quarles, testified this morning before the Senate Banking Committee which has jurisdiction over his nomination.
During his opening statement, Quarles stated unequivocally that he would be “strongly committed” to carrying out the Federal Reserve’s mission of “promoting a stronger economy and the stability of the financial system, and supporting robust job growth in a context of price stability.”
Quarles cited his broad experience in the financial sector from a variety of viewpoints that will inform his decision-making on the Board, including his career in the legal field, his time spent as an investor in community banks, and his public service in the Administrations of George H.W. Bush and George W. Bush.
He noted that his prior experience taught him that humility was the most important characteristic of a good policy maker, and said that we would “approach this undertaking as I try to approach every task, with a continual openness to input from every source.” Quarles also said he was committed to working with the Banking Committee and members of both parties.
Quarles’ nomination needs to first be approved by the committee before it goes to the full Senate for a final confirmation vote.
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