Quarles to end role as chief watchdog of Wall Street banks

Term expiration: The industry expects Quarles to effectively remain head of the central bank’s supervisory committee, even without the vice-chairman title. — Reuters

NEW YORK: Federal Reserve (Fed) vice-chairman for supervision Randal Quarles will be removed from his role as the main watchdog of Wall Street lenders after his title officially expires this week.

The industry widely expected Quarles to effectively remain head of the central bank’s supervisory committee, even without the vice-chairman title. But the board has instead decided not to have a single governor take that position, according to a statement.