Donald Trump’s pick for the Federal Reserve’s banking watchdog is making Wall Street lobbyists’ mouths water.
Trump’s nominee, Randy Quarles, has spent his career helping the Too Big To Fail Banks get even bigger and then heading to DC to roll back rules keeping those banks in check.
The Wall Street Journal calls the position, the Federal Reserve’s vice chairman of supervision, “the most powerful man in banking.”
The position was created by the Dodd-Frank Wall Street reform law to make sure strong rules would rein in big banks and help prevent another economic meltdown. But in Trump and Quarles’s hands, this same role can blast apart Wall Street regulations as an inside job.
During his Senate hearing, Senator Elizabeth Warren pressed Quarles to identify one area where he disagrees with the big banks’ effort to let them run wild with our economy again. Quarles could not find a single point of disagreement.
Sign the petition to the Senate: Reject Randy Quarles for the Federal Reserve’s top banking regulator.
As a self-described “Wall Street lawyer” who spent his career profiting from banks’ risky behavior, here are a few more reasons we can’t trust Quarles to look out for working families instead of Wall Street:
Quarles doesn’t want to break up the big banks; he wants to make them bigger. He worked on some of the largest bank mergers in history, including the one that created Too Big To Fail megabank JPMorgan Chase & Co.
Quarles will make another financial crash more likely. He helped George W. Bush’s administration advance a big bank agenda that loosened regulations and helped cause the 2008 financial crash. Trump wants Quarles to run the same playbook now, unwinding the financial protections the Federal Reserve put in place since 2008 and gutting key Dodd-Frank protections like the Volcker Rule, which protects families by preventing banks from gambling with our money.
Quarles would kill millions of jobs. He would undermine the Fed’s ability to achieve full employment and help communities secure better jobs and wages. If Quarles had been in charge over the last five years, a policy he wants to implement would have led to much higher interest rates and cost the economy 2.5 million jobs.
Sign the petition: Block Randy Quarles, Trump’s pick for Wall Street watchdog at the Federal Reserve.