Fed board members will leave in 2022, allowing Biden to fill 3 seats

Randal Quarles has resigned from his position on the Board of Governors of the Federal Reserve System, which will take effect at the end of December.

In a letter of resignation to U.S. President Joe Biden on November 8, Quarles Said After serving at the Fed for more than four years, he plans to leave the Fed “in or around the last week of December this year.” Since 2017, he has served as a member of the Federal Reserve Committee and its Vice Chairman of Supervision, and his terms of office are expected to end in January 2032 and October 2021, respectively.

Seven members nominated by the current U.S. President and confirmed by the Senate are expected to enter the Board of Governors of the Federal Reserve System. With the departure of Quarles, given that the current six board members and current vice chairman Richard Clarida are expected to leave in January 2022, President Biden may receive at least three nominations.

Former board members Daniel Tarullo and Stanley Fischer resigned in 2017. In addition, Jerome Powell’s term as chairman of the Federal Reserve will expire in 2022. If Biden is re-elected in 2024, he may also have the opportunity to succeed Lael Brainard as her term until 2026.

At the COP26 climate change summit in Scotland, President Biden Tell After careful consideration, he plans to announce his choice of the Fed to the media “soon”:

“I think we will have enough time to ensure that all the main nominees are passed in time, and when will their terms expire? […] I have considered a lot and I have been meeting with my economic adviser to discuss what is the best option. “

Quarles said during his tenure at the Fed that federal agencies Need to consider the right regulatory approach Before creating a framework to monitor the crypto market.Before the 2017 bull market, he Claims the widespread use of cryptocurrencies It may cause “serious financial stability problems”, which shows that the government is cooperating with banks to create solutions for digital payments.

related: Fed’s Powell has no intention of banning Bitcoin or cryptocurrencies

As the scale and popularity of digital assets in the U.S. market grow, Fed officials seem to be more outspoken about the role of digital assets in the U.S. market. Although the U.S. government has not yet launched a digital dollar plan, Powell said in September The agency is “actively working to issue CBDC,” but it’s not in a hurry.