The Senate nominates Quarles as Federal Reserve Vice president

7 Sep 2017 05:30 PM

The Senate Banking Committee voted today with 17 votes to 6 to introduce candidate Randal Quarles to the FOMC. Earlier in the day, WSJ reported that Trump was unlikely to nominate Gary Cohn as chairman of the Federal Reserve Bank as an alternative to Janet Yellen, whose term expires next February.

Cohn's exclusion from the Fed's top role in the Federal Reserve is largely due to criticism of Donald Trump's reaction to violence in Charlottesville. Other candidates include Lawrence Lindsey, Kevin Warsh, John Allison, former chief executive of BB & T Bank, and John Taylor.

Some reports have also been reported for the nomination of Marvin Goodfriend, former research director at Federal Reserve Bank of Richmond. At present, there are 4 vacancies in which Quarles will be one of them.

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