Tuesday, April 18, 2017
Former Coordinator of the Plunge Protection Team to be Nominated by Trump for Top Federal Reserve Position
Oh yeah, President Trump is really draining the swamp.
Politico is reporting that Trump is expected to nominate former Treasury undersecretary Randal Quarles as the Federal Reserve’s top bank regulator.
Quarles still needs to meet with the president, according to Politico, which will happen in the coming days, but he is likely to get the nod for the post, the most important bank regulatory position in government.
The slot for which Quarles is the likely pick, Fed vice chairman of supervision, has never been formally filled since it was created out of the landmark 2010 Dodd-Frank financial-regulation law.
Quarles has a deregulation bent, which is surely the type of person the banksters want in this position.
As far as monetary policy, he said in a March 2016 Wall Street Journal op-ed that he co-wrote, that a rule-based monetary policy would help normalize interest rates. Which means that when it comes to monetary policy, he is a technocrat who thinks that somehow via formulas or whatever, the Fed can know better than markets where to set interest rates,
I have run into Quarles in Washingon D.C. and on a personal level he is a pretty decent guy. But
you don't end up getting the government positions he gets unless he is trusted to carry out the work of the banksters.
Upon graduation with a law degree in 1984 fromYale, Quarles was hired as an associate at the powerful establishment Wall Street law firm of Davis Polk & Wardwell, where he specialized in financial institutions law,
In 1990 at the request of Treasury Seceretary Nicholas Brady, he joined the George H. W. Bush, administration to work on developing the governmental response to the savings and loan crisis.
Quarles ended up a senior official under all three of George W. Bush’s Treasury Secretaries.
Here's the kicker, while Under Secretary. he coordinated the President’s Working Group on Financial Markets (aka. The Plunge Protection Team).
Quarles also knows how to spin the government-private sector revolving door well.
After his departure from the Treasury, Quarles joined the inside the Beltway private equity firm, Carlyle Group. At Carlyle, he ran the global financial services sector along with Oliver Sarkozy (whose half brother at the time was French President Nicolas Sarkozy).
Quarles now runs his own firm, The Cynosure Group.
Cynsoure manages the family money of Utah's first multimillionaire, the industrialist David Eccles (1849-1912).
Marriner Stoddard Eccles - son of David Eccles, was a U.S. banker, economist, and Chairman of the Federal Reserve. The Eccles Building that houses the headquarters of the Federal Reserve in Washington, D.C. is named after him.
Trump’s team is considering nominating a Fed vice chairman for supervision at the same time as it puts forward one or two other Fed candidates for the Fed Board, reports The Wall Street Journal.
at 7:01:00 AM