WASHINGTON (dpa-AFX) - Ending months of speculation, the White House announced Monday that President Donald Trump intends to nominate former Treasury Department official Randal Quarles as the Federal Reserve's top banking regulator.
Quarles, who served as a senior Treasury official in former President George W. Bush's administration, currently serves as managing director of private equity firm The Cynosure Group.
Trump intends to nominate Quarles as the Fed's vice chairman for bank supervision, a position that requires Senate confirmation.
Quarles will be nominated to be a Member of the Board of Governors of the Federal Reserve System for the remainder of a 14-year term expiring January 31, 2018 and for an additional 14-year term expiring January 31, 2032.
A statement from the White House noted Quarles has had an extensive career in government and international finance.
The position of vice chairman for supervision was created by the Dodd-Frank financial regulatory reform bill but was never formally filled by former President Barack Obama.
Fed Governor Daniel Tarullo handled the vice chair of supervision's duties on a de facto basis until stepping down earlier this year.
Trump has repeatedly pledged to roll back the financial regulations imposed by Dodd-Frank, which he claims stifle lending.
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