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Washington

White House taps Randal Quarles for Fed board

Former Carlyle Group partner Randal Quarles

Randal Quarles was nominated to the Federal Reserve Board of Governors where he would oversee regulation of banks, the White House said Monday.

Mr. Quarles, managing partner of private investment firm Cynosure Group, is a former Carlyle Group partner who has held several economic posts under previous Republican administrations, including undersecretary for domestic finance and deputy assistant secretary for financial institutions policy at the Treasury Department.

In addition to serving as a Federal Reserve governor until 2032, Mr. Quarles would be the first person to serve as vice chairman for supervision of the Federal Reserve System, a position created by the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. His appointment requires Senate confirmation.