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Randal Quarles. Photo: Kyle Grillot/Bloomberg via Getty Images

Randal Quarles, who was the Federal Reserve's vice chair for bank supervision, submitted his resignation on Monday and will step down from his post at the end of December.

Why it matters: Quarles' resignation opens up a seat on the Federal Reserve Board for President Biden to fill, giving Biden an avenue with which to shape the Fed — and a choice that could offer a clue about the president's broader vision for the central bank.

What he's saying: "It has been a great privilege to work with my colleagues on the Board, throughout the Federal Reserve System, and among the global central banking and regulatory community," Quarles wrote in his resignation letter.

The big picture: The vice chair of supervision position was created in 2010 to oversee banking but remained unfilled until Quarles' appointment by former President Donald Trump in 2017. His term as vice chair expired in October.

  • In addition to his role as vice chair for supervision, Quarles also served as the chair of the Fed's financial stability board, a position he will vacate on Dec. 2, per a Federal Reserve press release.
  • "In both positions, he played a central role in ensuring the safe operation of both the domestic and international financial systems during the stress of the COVID event," noted the press release.
  • Quarles' term on the Fed's Board of Governor's was not due to expire until 2032.

Go deeper: A look at the Fed's growing role

Go deeper

John Frank, author of Denver
Dec 2, 2021 - Axios Denver

New Denver school board president calls district a "racist system"

Tay Anderson is now vice president of the Denver school board. Photo: David Zalubowski/AP

The newly elected school board president backed by the teachers union declared "a new era for Denver Public Schools" at the board meeting Tuesday.

What's new: Xóchitl "Sochi" Gaytán, a parent from southwest Denver, took the helm as board president in a secret-ballot vote, our education reporting partners at Chalkbeat write.

JPMorgan: "Full global recovery" in 2022

Photo: Erik McGregor/LightRocket via Getty Images

JPMorgan Chase Global Research says in a forecast to clients: "2022 will be the year of a full global recovery, an end of the global pandemic, and a return to normal conditions we had prior to the COVID-19 outbreak."

The big picture: The bullish report sees "a return of global mobility, and a release of pent-up demand from consumers (e.g. travel, services)."

Inside Trump's hunt for "disloyal" Republicans

Illustration: Aïda Amer/Axios

Donald Trump and his associates are systematically reshaping the Republican Party, working to install hand-picked loyalists across federal and state governments and destroy those he feels have been disloyal, sources close to the former president tell Axios.

Why it matters: If most or all of Trump’s candidates win, he will go into the 2024 election cycle with far more people willing to do his bidding who run the elections in key states.