Latest exit from Fed’s board gives Biden three slots to fill

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Randal Quarles announced Monday that he will resign from the Federal Reserve’s Board of Governors at the end of the year after completing a four-year term as the central bank’s top bank regulator, opening up another vacancy on the Fed’s influential board for President Joe Biden to fill. Quarles had served as the Fed’s first vice chair of supervision, which gave him wide-ranging authority over the banking system. In that role, Quarles oversaw a broad loosening of the financial regulations that were put in place after the 2008-2009 global financial crisis and recession.