Ex-Fed vice-chair Quarles has lost none of his fervor in opposing US CBDC
The former Federal Reserve official once again expressed his opposition to a United States central bank digital currency in a Tuesday podcast. Former United States Federal Reserve vice-chair for supervision Randal Quarles discussed central bank digital currencies (CBDC) and the chances of the U.S. adopting such technology in an interview on the "Banking With Interest" podcast Tuesday. Quarles, who is known for his opposition to a CBDC, expressed his skepticism about the so-called digital dollar and predicted the U.S. will not introduce it.Quarles, who served at the Fed from 2017 to 2021,....
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The Federal Reserve’s vice chairman of supervision and the chair of the Financial Stability Board (FSB), Randal K. Quarles, doubts the benefits of the digital dollar but says it “could pose significant and concrete risks” to the U.S. banking system. Fed Vice Chair Speptical About Digital Dollar Federal Reserve Vice Chair of Supervision Randal Quarles talked about bitcoin and the Fed’s work on a central bank digital currency (CBDC), the digital dollar, in a speech at the Utah Bankers Association Monday. Quarles is also the chairman of the Financial Stability Board....
Though Randal Quarles said there was a "legitimate and strong regulatory interest in how stablecoins are constructed and managed," a U.S. dollar-pegged coin could help provide support for its fiat counterpart. Randal Quarles, vice chair for supervision of the Federal Reserve Board of Governors, said he believed neither dollar-pegged stablecoins nor digital currencies issued by foreign central banks are likely major causes for concern for the U.S. dollar.In a prepared statement for the Annual Utah Bankers Association Convention Monday, Quarles said that foreign currencies — whether fiat or....
Randal Quarles has been a member of the Federal Reserve Board as well as its vice-chair for supervision since 2017. Randal Quarles has resigned his position from the Board of Governors of the Federal Reserve System, effective by the end of December. In a Friday resignation letter addressed to United States President Joe Biden, Quarles said he planned to leave the Fed “during or around the last week of December of this year” 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....
According to the U.S. President, the three nominees have the “experience, judgment and integrity to lead the Federal Reserve and to help build our economy back better for working families.” The White House has officially tapped former Fed governor Sarah Bloom Raskin to serve as the vice chair for supervision for the Federal Reserve, as well as economists Lisa Cook and Philip Jefferson to fill two empty seats on its board of governors.In a Friday announcement, U.S. President Joe Biden said he had nominated Cook, an Obama-era economic adviser and Michigan State University faculty member, as....
In a 52–43 vote on the Senate floor on Tuesday, U.S. lawmakers confirmed Lael Brainard as vice chair of the Federal Reserve System for four years. After weeks of delays due, in part, to partisan obstructionism, the United States Senate has confirmed the nomination of Lael Brainard, a member of the Federal Reserve's board of governors, as the next vice chair of the central bank.In a 52–43 vote on the Senate floor on Tuesday, U.S. lawmakers confirmed Brainard a vice chair of the Federal Reserve for four years, potentially beyond her term as a governor ending in January 2026. Brainard was....