Minimal script: I’m calling from [zip code] to ask Senator [___] to vote “NO’ on Randal Quarles as the Federal Reserve’s Vice Chair for Bank Supervision.
Call Senator Feinstein: DC (202) 224-3841, LA (310) 914-7300, SF (415) 393-0707, SD (619) 231-9712, Fresno (559) 485-7430
AND Senator Harris: DC (202) 224-3553, LA (213) 894-5000, SAC (916) 448-2787, Fresno (559) 497-5109, SF (415) 355-9041, SD (619) 239-3884
Other Senator Contacts: http://www.phoneyourrep.com
(5calls) Update (10/2): The Senate is expected to hold a final vote to confirm Randal Quarles the week of October 2nd.
The Trump administration is continuing its big bank deregulation agenda with the nomination of Wall Street lawyer Randal Quarles as the Federal Reserve’s Vice Chair for Bank Supervision. The position was created after the 2008 financial crisis and is charged with supervising and regulating banks in order to prevent another crisis. However, Quarles spent 15 years representing the very banks that caused the 2008 recession, raising serious questions about his ability to sufficiently rein them in.
In addition to working in private equity and investment management where he argued against firm regulations in court, Quarles aided mergers that created “too-big-to-fail” banks and served in the Treasury Department immediately prior to the 2008 crisis. During his term, he insisted that the big banks were able to withstand a housing collapse. We now know this wasn’t true.
During his confirmation hearing with the Senate Banking Committee, Quarles indicated that he plans to enact Trump’s goal of rolling back crucial Dodd-Frank banking regulations. He also endorsed a change to the ‘stress tests’ that examine a bank’s ability to withstand crisis, repeating Wall Street-preferred ideas that would allow banks to cheat the results and hide their financially risky behavior.
It is clear that Randal Quarles is more interested in deregulating banks than protecting Americans from another financial collapse. Senators must oppose his nomination.