Quarles is the first person to officially hold the post of Vice Chairman of Oversight, a position created under the Dodd-Frank Act of 2010, the Obama administration’s major overhaul of Wall Street rules.
In a press conference last month, Powell promised to postpone whoever Biden nominated as the regulatory tsar next. Fed pundits have speculated that the president might appoint someone to this role, who would advocate tighter supervision of the banks, but also keep Powell as central bank chairman.
“It is perfectly appropriate for a new person to come in and look at the current state of regulation and oversight and propose changes, and I applaud that,” Powell told reporters at the time.
Although Quarles’ vice chairmanship ends on October 13, his underlying term on the board of directors does not expire until 2032, so he can stay with the Fed for the time being. His term of office as chairman of an international standard-setting body, the Financial Stability Board, does not end until December.