Several reports suggest Randal Quarles to be nominated as top regulator
This is a position that's part of Dodd-Frank but was never filled under Obama's administration.
Randal Quarles was a Treasury official in the Bush administration and will be nominated, according to Bloomberg.
"The Vice Chairman for Supervision will oversee the supervision and regulation of all entities within the Fed's jurisdiction and is to appear before the House and Senate banking committees at least semiannually," Dodd-Frank says.
This is a voting member of the FOMC and although he never formally assumed the role, the duties were previously handled by Fed Governor Daniel Tarullo.
Bloomberg reports:
"Trump officials have been interviewing candidates for the supervision job since late last year, before the president took office. The choice had been bogged down by a lack of agreement among the president's advisers and industry lobbying, people familiar with the matter have said."
Despite his political background, Fox News reports that he's less ideological than other candidates who were considered.
Quarles said in a 2015 interview with Bloomberg TV that repealing the Dodd-Frank law altogether is "politically very difficult," but that significant changes to the law were worth considering. In some respects, he said, the regulatory overhaul was "not ambitious enough," while in other ways "it was overly ambitious."
In the same interview, he said he support efforts to create a more rules-based Fed.
