Randal Quarles was confirmed by the Senate on Thursday to the Federal Reserve Board of Governors.
The Senate voted 65-32 to approve Mr. Quarles for the position, with many Democrats voting against him. Mr. Quarles was also approved as the first person to serve as vice chairman for supervision of the Federal Reserve System in a position created by the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010.
Mr. Quarles was managing partner of private investment firm Cynosure Group and a former Carlyle Group partner. He 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.
His term at the Federal Reserve governor runs until 2032. He fills the vacancy left by Daniel Tarullo, who departed in April.