Fed’s Quarles will recuse himself coming from participating in matters specific to Wells Fargo

Quarles is actually President Donald Trump’s choice to oversee the national banking system, in addition to the first-ever vice chair for supervision. He has been vocal about rolling back regulations put in place following the 2007 recession.

Quarles declared owning more than $1 million in Wells Fargo stock in June. He sold his holdings following his confirmation, according the statement.

The former undersecretary of the Treasury will continue to oversee policies in addition to rules related to banking generally, according to the Fed’s statement.

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