12/15/2017

BANKING/FEDERAL RESERVE: “Federal Reserve Vice Chairman for Supervision Randal Quarles will recuse himself from participating in matters specific to Wells Fargo & Co., ‘to avoid even the potential appearance of a conflict of interest,’ the central bank said Friday [12-15-17].
The Fed said Mr. Quarles’s decision to recuse himself is voluntary and not legally required. He has opted not to vote on, or participate by decision or recommendation in, matters specifically involving Wells Fargo ‘in light of his extended family’s prior sale of their interest in a bank to Wells Fargo.’
Mr. Quarles divested himself of all applicable stockholdings related to Wells Fargo upon his confirmation as a board member, the Fed said in a statement…
Mr. Quarles took the oath of office for the banking oversight post on the Federal Reserve Board in mid-October.
The Fed said Friday he will continue to oversee the Fed’s supervision and regulation responsibilities, including the development of supervisory policies and rules applicable to banking organizations generally.”

-Harriet Torry, “Fed’s Quarles to Recuse Himself From Matters Involving Wells Fargo,” The Wall Street Journal online, Dec. 15, 2017 01:35pm