{"id":144061,"date":"2021-11-08T23:27:15","date_gmt":"2021-11-08T23:27:15","guid":{"rendered":"https:\/\/precoinnews.com\/?p=144061"},"modified":"2021-11-08T23:27:15","modified_gmt":"2021-11-08T23:27:15","slug":"fed-board-member-to-leave-by-2022-leaving-biden-to-fill-3-seats","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/fed-board-member-to-leave-by-2022-leaving-biden-to-fill-3-seats\/","title":{"rendered":"Fed board member to leave by 2022, leaving Biden to fill 3 seats"},"content":{"rendered":"

Randal Quarles has resigned his position from the Board of Governors of the Federal Reserve System, effective by the end of December.\u00a0<\/p>\n

In a Friday resignation letter addressed to United States President Joe Biden, Quarles said he planned to leave the Fed \u201cduring or around the last week of December of this year\u201d after serving at the government agency for more than four years. He has been a member as well as its vice-chair for supervision since 2017, with terms expected to end in January 2032 and October 2021, respectively.<\/p>\n

Seven members are expected to sit on the Federal Reserve System\u2019s Board of Governors, each nominated by the current U.S. president and confirmed by the Senate. With the departure of Quarles, President Biden will likely have at least three nominations, given that current vice-chair Richard Clarida is expected to leave in January 2022. <\/p>\n

Former board members Daniel Tarullo and Stanley Fischer resigned in 2017. In addition, Jerome Powell’s term as the Fed chair will expire in 2022. Should Biden be re-elected in 2024, he also might have the opportunity to fill Lael Brainard\u2019s position, as her term expires in 2026. <\/p>\n

At theCOP26 Climate Change Summit in Scotland, President Biden told the press he planned to announce his picks for the Fed “fairly quickly” after careful consideration:<\/p>\n

“I think we’re going to have plenty of time to make sure all the major nominees are able to be cleared in time, that where their terms would expire […] I\u2019ve given a lot of thought to it and I’ve been meeting with my economic advisors on what the best choices are.”<\/p><\/blockquote>\n

During his time at the Fed, Quarles said that federal agencies needed to consider the right regulatory approach before creating a framework to oversee the crypto market. Prior to the 2017 bull run, he claimed that wide-scale usage of cryptocurrencies could pose \u201cserious financial stability issues,\u201d suggesting that the government partner with banks to create solutions for digital payments.<\/p>\n

Related: <\/em><\/strong>Fed’s Powell has no intent to ban Bitcoin or crypto<\/em><\/strong><\/p>\n

Fed officials have been more vocal on the role of digital assets in U.S. markets as the space grows in size and popularity. Though the U.S. government has not rolled out plans for a digital dollar, Powell said in September that the agency was \u201cworking proactively to issue a CBDC\u201d but was not in a hurry. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Randal Quarles has resigned his position from<\/p>\n","protected":false},"author":3,"featured_media":144060,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nFed board member to leave by 2022, leaving Biden to fill 3 seats - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/fed-board-member-to-leave-by-2022-leaving-biden-to-fill-3-seats\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed board member to leave by 2022, leaving Biden to fill 3 seats - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Randal Quarles has resigned his position from\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/fed-board-member-to-leave-by-2022-leaving-biden-to-fill-3-seats\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-08T23:27:15+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/11\/Fed-board-member-to-leave-by-2022-leaving-Biden-to-fill-3-seats.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/fed-board-member-to-leave-by-2022-leaving-biden-to-fill-3-seats\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/fed-board-member-to-leave-by-2022-leaving-biden-to-fill-3-seats\/\",\"name\":\"Fed board member to leave by 2022, leaving Biden to fill 3 seats - 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