One of the governors of the American central bank (Fed), Randal Quarles, announced his resignation on Monday, and the responsibility of replacing him now falls to the White House, also eagerly awaited on his choice concerning the future president of the institution .
“Given the end of my term as vice-president last month (…), I intend to step down as governor“at the end of December, said Randal Quarles in a letter sent Monday to Joe Biden, and made public.
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Randal Quarles, who had been appointed by former President Donald Trump, was, until October 13, vice-president of the Fed in charge of banking regulation.
Since the expiration of this mandate, he had again become a simple governor, and his mandate was to expire on January 31, 2032.
Two governors to choose from
Joe Biden now has two new governors to choose from: one to replace Randal Quarles, the other to fill a vacant seat.
The opportunity for the Democratic president to reshape the governance of the institution, while the left wing of his party is pushing to choose officials who would orient their action towards climate risks, and towards more social and economic justice.
Presidency of the Fed
But Joe Biden is especially eagerly awaited on his choice for the future president of the Fed, the four-year term of Jerome Powell expiring in February 2022.
Traditionally, the president of the Fed has been reappointed for a second term. But Republican President Donald Trump broke with this tradition by appointing Jerome Powell in place of Janet Yellen, now Joe Biden’s treasury secretary.
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