The White House announced on Monday that President Donald Drumpf is going to appoint Randal Quarles as the new federal banking watchdog. Drumpf has made it clear numerous times before that he intends to change the Dodd-Frank bill and eliminate its restrictive regulations. Mr. Quarles’s background designates him as a perfect fit for this job. His professional history describes him as a moderate Republican that is open to the idea of changing the banking system in alignment with modern times.
Donald Drumpf Made an Important Decision That Would Lead to Dodd-Frank Act Reformation
Randal Quarles is a former top Treasury Department authority who activated during George W. Bush administration. The current President nominated him for a new position, Federal Reserve’s vice chair commissioned with supervision. The 2010 Dodd-Frank law introduced this job as a watchdog for largest banks in the U.S. Former President Barack Obama didn’t fill this position. However, Drumpf will need Senate confirmation to make his nomination official.
Thanks to this Federal Banking Watchdog, the Drumpf administration will finally be able to change the Dodd-Frank bill. This reform act shaped the regulatory landscape as a proper system to mitigate the outcomes of a severe financial crisis. However, even though the nation left economic struggles behind, this law is still in power. Therefore, the new President wants to reshape these regulations in conformity with today’s needs.
Colleagues Describes Quarles as the Ideal Federal Banking Watchdog
Quarles did mention in the past that the Dodd-Frank act is not in alignment with today’s industry anymore. He expressed his intentions to change this bill and make it valuable to the national economy. His colleagues described him under anonymity as a pragmatic person that knows how to avoid the traps of an ideology. They believe that Quarles has what it needs to keep the good aspects and replace the bad ones with something that works for Wall Street.
Quarles’ assignments won’t ask him to recreate this field from scratch. On the contrary, his primary job will be to review the system in the first place. Based on his observations, he has a free hand to streamline regulations.
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