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ARTICLE · 08 DECEMBER 2021

FRB Governor Randal Quarles Offers Parting Thoughts

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Former Vice Chair for Supervision Randal K. Quarles covered a broad range of topics in his farewell remarks.

United StatesFinance and Banking
Sebastian Souchet
Sebastian Souchet
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Former Vice Chair for Supervision Randal K. Quarles covered a broad range of topics in his farewell remarks. He celebrated the overall strength of the banking system and suggested areas where there is latitude for regulatory change or recalibration.

Mr. Quarles addressed a number of areas, including, among other things:

  • General Strength of Banks. Mr. Quarles stated that the COVID-19 pandemic demonstrated the overall strength of the banking system, given that banks had performed well on stress tests throughout the pandemic. He added: "the resilience of banks during the COVID event, coupled with the results of [the FRB's] stress tests, demonstrate that the overall level of capital in the banking system is more than ample."

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