Fed’s Quarles to End Role as Chief Wall Street Watchdog

The transcript discusses the expiration of Randall Quarles' role as the main watchdog for Wall Street banks and the lack of a nominee from President Biden for the new vice chairman of supervision. The Democratic Party desires a more progressive and hawkish approach to banking regulation. The Federal Reserve plans to operate without an interim replacement, with decisions made by consensus. Potential candidates like Governor Brainard are considered, but no official decision has been made by the White House.

What is the Democratic Party's stance on banking regulation as discussed in the video?

• They support deregulation.

• They are indifferent to regulation changes.

• They want more progressive and hawkish regulation.

• They prefer less regulation.

What decision did the Federal Reserve make regarding the interim leadership for the vice chairman of supervision?

• They merged the role with another position.

• They abolished the position.

• They decided to leave the position vacant temporarily.

• They appointed an interim leader.

How will the Federal Reserve board operate in the absence of a chair?

• The board will not meet until a chair is appointed.

• The board will meet on an unshared basis and reach consensus.

• The board will delegate decisions to a subcommittee.

• The board will operate under the previous chair's guidance.

What potential strategy is being considered for President Biden's administration regarding the Federal Reserve leadership?

• Appointing a Republican leader to balance the board.

• Eliminating the vice chairman of supervision role.

• Appointing a new chair and vice chair.

• Keeping Jay Powell as chair and appointing Governor Brainard to a regulatory role.

What is the current status of the White House's decision on Federal Reserve appointments?

• They are still undecided.

• They have rejected all potential candidates.

• They have postponed the decision indefinitely.

• They have announced a clear decision.