MNI BRIEF: Quarles Will No Longer Chair Fed's Regs Committee

The Federal Reserve announced Tuesday that Randal Quarles will no longer chair the regulatory portfolio after his vice chairmanship expires Wednesday and no one will chair the central bank's internal committee on regulation.

"Vice Chair Quarles was appointed to a 4-year term as Vice Chair for Supervision on October 13, 2017. In light of the expiration of the Vice Chair's term, he will no longer chair the committee on supervision and regulation," a Fed spokesperson said in a statement released Tuesday. "That committee will meet as necessary on an unchaired basis. Matters within the committee's responsibility will proceed to the full board only where there is broad consensus among the committee members."