Randal Quarles, vice chair for supervision at the Federal Reserve, submitted his resignation as a member of the board Monday, effective at the end of December.
Quarles joined the Fed in October 2017, serving as its first vice chair for supervision. His time in the role expired in October, prompting his decision to depart despite his term as a board member extending until 2032.
“It has been a great privilege to work with my colleagues on the Board, throughout the Federal Reserve System, and among the global central banking and regulatory community,” he wrote in a resignation letter addressed to President Joe Biden.
In his role, Quarles oversaw the supervision and regulation of financial firms in the Fed’s jurisdiction. He has spoken multiple times in recent years on the need for urgency in the transition from the soon-expiring London Interbank Offered Rate (LIBOR), in addition to citing the importance of disclosures and data in building strong foundations for addressing climate-related financial risks.
His commentary on climate risk carried extra weight because he is also serving as chair of the Financial Stability Board (FSB), an international body that makes recommendations regarding the global financial system. His term as head of the FSB will expire Dec. 2.
Quarles’s departure will leave the Fed with five board members. The typical composition is seven members; more changes could be ahead with the end of Jerome Powell’s term as chair in February and Richard Clarida’s term as vice chair at the end of January.