Quarles to Exit Fed at Year’s End, Handing Another Seat to Biden

Federal Reserve Governor Randal Quarles will step down from the central bank in the last week of December, freeing up another vacancy for President Joe Biden to fill as he considers new leaders for the U.S. central bank.

The Fed announced Quarles’ upcoming resignation in a statement on Monday.

WATCH: Federal Reserve Governor Randal Quarles will step down at the end of the year.

Source: Bloomberg

Quarles joined the Board in 2017. His four-year term as Vice Chair of Supervision ended in October, though he has a term as a governor that runs to January 2032. Fed officials have traditionally stepped down once their leadership roles end.

In addition to this vacancy, Biden has an opportunity ...