Quarles is the first person to formally hold the job of vice chair for the administration, a position created under the 2010 Dodd-Frank Act, the Obama administration’s fine review of Wall Street rules.
At a press conference last month, Powell vowed to suspend whoever Biden appoints as the next czar. Fed experts think the president could appoint someone to that role who would prefer stricter oversight of banks but also keep Powell as the bank’s central chair.
“It’s perfectly appropriate for a new person to come in and look at the current state of regulation and administration and suggest appropriate changes, and I welcome that,” Powell told reporters at the time.
Although Quarles ’vice chairman ended on Oct. 13, his underlying board term doesn’t expire until 2032, so he could stay with the Fed for now. His term as chairman of an international standard-setting body, the Financial Stability Board, will not end until December.