For Immediate Release
October 5, 2017
​ABA Media Contact: Jeff Sigmund
(202) 663-5439
Email: jsigmund@aba.com
Follow us on Twitter: @ABABankers

ABA Applauds Quarles Confirmation to Serve as Federal Reserve Board Vice Chair

​     “We congratulate Randy Quarles on his confirmation to serve in this critical position on the Federal Reserve Board. For the first time in its history, the Federal Reserve now has a confirmed Vice Chair of Supervision, acknowledging the central bank’s important regulatory role. In addition to making major monetary policy decisions, Vice Chair Quarles will oversee bank supervision. We look forward to working with Vice Chair Quarles in crafting a regulatory program that fosters economic growth, and allows banks of all sizes to better serve their customers and communities without compromising safety and soundness. 
 
     “In recent months, the Fed has taken a number of important steps to refine and reform bank supervision, including clarifying supervisory expectations for bank boards, bringing greater value to stress testing and joining other regulators in a proposal to simplify bank capital rules for community banks.  We encourage Governor Quarles and his colleagues to now take the next steps in tailoring regulation to meet the supervisory needs of our banking system and drive economic growth.
 
     “On a personal note, I have worked directly with Vice Chair Quarles in the past.  I know him to be a person of great integrity and intellect, and I’m confident he will serve the country well in his new role.”
 
 
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The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.