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.
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 to pick a new chair, as Jerome Powell's tenure at the helm expires in February. Also, Vice Chair Richard Clarida's term as a governor expires at the end of January, and there is an open seat on the board. Together, these appointments give Biden an opportunity to reshape the Fed Board.
Biden recently met with Chair Powell and Fed Governor Lael Brainard, according to people familiar with the matter. Brainard is the only sitting governor on the Board appointed by a Democrat who is seen as a contender for all three leadership positions.
The White House declined to comment on Quarles decision to depart.
Quarles has been criticized by Senator Elizabeth Warren, the Massachusetts Democrat, for sanding down bank regulations during his tenure, and she has also said she would not support a second term for Powell.
