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Senate Banking Chair, Sherrod Brown, Gives Fed’s Quarles a Scathing Bon Voyage

Courtesy of Pam Martens

Randal Quarles

Randal Quarles, Vice Chairman for Supervision, Federal Reserve, Testifying before the Senate Banking Committee on May 12, 2020

Yesterday was the last day that Randal Quarles served in the post as Vice Chair for Supervision at the Federal Reserve. Senator Sherrod Brown, the Chair of the Senate Banking Committee that oversees the Federal Reserve, used the occasion to send a scorching letter to Fed Chair Jerome Powell assessing Quarles’ performance in the job, which began on October 13, 2017. Brown wrote:

“When Vice Chair Quarles was confirmed to his position, banking lobbyists cheered. Not only did he immediately set out a plan to shift post-crisis rules to benefitting industry interests over protecting working families, he dutifully continued his deregulatory efforts even as the economy was shaken by a global pandemic. I am deeply concerned about these efforts during a global economic crisis.”

But it’s not just deregulation that has been a problem with Quarles and Powell at the helm of the Fed. The mega banks that Quarles was supposed to be supervising have grown exponentially more corrupt under this Vice Chair for Supervision.

On September 16, 2019, the U.S. Department of Justice brought racketeering charges against three precious metals traders at JPMorgan Chase. It was the first time that Wall Street veterans could remember that traders of a major U.S. bank were charged under the RICO statute.

One year later, on September 29, 2020, JPMorgan Chase agreed to pay criminal fines and admit to two felony counts of wire fraud for manipulating (spoofing) trading in the precious metals and U.S. Treasury markets. The charging document indicated that traders had engaged in “tens of thousands of instances of unlawful trading in gold, silver, platinum, and palladium…as well as thousands of instances of unlawful trading in U.S. Treasury futures contracts and in U.S. Treasury notes and bonds….”



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