Randal Quarles Bio | Wiki
Randal Quarles ( Full Name: Randal Keith Quarles) is a popular American private equity investor and attorney who works as the founder and executive chairman of The Cynosure Group. He worked as the first Vice Chair of the Federal Reserve for supervision from 2017 through 2021. Randal concurrently worked as the chair of the Financial Stability Board from 2018 until 2021. From August 2001 to October 2006, Randal held many financial policy posts in the George W. Bush administration, ultimately working as Under Secretary of the Treasury for Domestic Finance.
Following leaving the Bush administration, Randal became the founder and head of The Cynosure Group, a private investment firm, and a previous managing director of The Carlyle Group, one of the world’s largest private equity firms. In 2012, Randal was widely known as a possible Treasury Secretary or senior White House adviser in future Republican administrations.
In July 2017, Randal became nominated by President Donald Trump to be a board member and vice chair for supervision of the Federal Reserve System. On October 5, 2017, Randal was confirmed by the United States Senate by a 65–32 vote on the board seat and by voice vote on the vice chair position. He quit the role of Vice Chair for Supervision in 2021 and retired from the Federal Reserve in 2021.
Randal Quarles Age
Randal was born on September 5, 1957, in San Francisco, California, in the United States. He is 66 years old. Randal celebrates his birthday on September 5, every year.
Randal Quarles Height
He is a man of above-average stature. Randal stands at a height of 5 ft 10 in ( Approx. 1.75m ).
Randal Quarles Family
He was born in San Francisco, and was raised in Roy, Utah. Randal holds American nationality and belongs to the white ethnicity. At the moment, Randal has not disclosed any details regarding either his parents or if he has siblings.
Randal Quarles Wife
Randal is married to his wife Hope Eccles the daughter of Utah businessman Spencer Eccles. Hope Eccles works as a businesswoman and philanthropist. Randa and his wife live in Salt Lake City with their three kids, Randy, Spencer and Hopie.
Randal Quarles Education
In 1975, Randal graduated from Roy High School. Later on, Randal studied philosophy and economics at Columbia University, earning a BA summa cum laude in 1981. While at Columbia, Randal took a two-year leave of absence to work as a volunteer missionary for the Church of Jesus Christ of Latter-day Saints in Quebec. He then joined Yale Law School, graduating in 1984 with a JD.
Randal Quarles Cynosure
Following leaving The Carlyle Group, Randal led the Cynosure Group which manages the money of the Eccles family (Quarles’s wife’s family) among others. The family forebears are David Eccles (1849–1912), who came from Scotland sailing on the Cynosure and later became a successful businessman and Utah’s first multimillionaire, and his son Marriner Stoddard Eccles (1890–1977), who worked as a U.S. banker, economist, and Chairman of the Federal Reserve. From 2014 to 2017, Randal worked as a managing partner at The Cynosure Group.
Randal Quarles Stablecoins
In Randal’s judgment, The Federal Reserve does not need to fear stablecoins. The Federal Reserve has traditionally helped responsible private-sector innovation. In 2021, being the Federal Reserve’s vice chair for supervision, Randal endorsed most of the stablecoin regulation proposals by the President’s Working Group.
Randal Quarles Resigns
In November 2021, Randal submitted resignation as a member of the Federal Reserve Board, effective at the end of December. He stated that his resignation was due to the completion of his term as vice chairman.
Randal Quarles SVB
On March 15, 2023, he played down the role of looser rules in Silicon Valley Bank’s collapse and claimed he expects the Fed to raise rates a quarter point the following week. Speaking in New York, Randal said financial stability concerns surrounding SVB’s failures undermine support for a 50 basis-point increase at the Fed’s March 21-22 meeting. Randal said a smaller move, followed by a policy pause, was the most likely result.
Randal Quarles Federal Reserve | Fed Vice Chair
From October 2017 until October 2021, Randal worked as Vice Chairman of the Federal Reserve System, working as the system’s first Vice Chairman for Supervision, charged in specific with ensuring the stability of the financial sector. Randal also worked as the Chairman of the Financial Stability Board (“FSB”) from December 2018 to December 2021; a world body founded after the Great Financial Crisis to coordinate international efforts to enhance financial stability.
In both roles, Randal played a key role in crafting the US and international response to the economic and financial dislocations of COVID-19, effectively preventing widespread global disruption of the financial system. As FSB Chairman, Randal was a regular delegate to the finance ministers’ meetings of the G-7 and G20 Groups of Nations as well as to the Summit meetings of the G20. As Fed Vice Chair, Randal was a permanent member of the Federal Open Market Committee, the firm that sets monetary policy for the United States.
Randal Quarles Net Worth
Randal gets his wealth from his work as a private equity investor and attorney who works as the executive chairman of The Cynosure Group. Therefore, Randal has accumulated a decent fortune over the years. Randal’s net worth is $32 million.
How Old Is Randal Quarles
Randal is a 66-year-old who was born on September 5, 1957, in San Francisco, California, in the United States. Randal celebrates his birthday on September 5, every year.
How Tall Is Randal Quarles
Randal is a man of above-average stature who stands at a height of 5 ft 10 in ( Approx. 1.75m ).
Who Is Randal Quarles
He is an American private equity investor and attorney who worked as the first Vice Chair of the Federal Reserve for supervision from 2017 until 2021. Randal concurrently worked as the chair of the Financial Stability Board from 2018 through 2021. Randal is now the founder and head of The Cynosure Group, a private investment firm.