Political Quotes

“Mr. President, today we are considering the nomination of Randal Quarles to be a member of the Federal Reserve Board of Governors. Since 1984, Mr. Quarles has revolved between the public and private sectors. He was most recently the director of the Carlyle Group from 2007 to 2013, and then founded Cynosure Group, an investment management company. I appreciate Mr. Quarles' willingness to serve the public once again, but I don't think he is the person we want in this important role at the Federal Reserve. The financial crisis devastated communities in my State and across the country--devastated in terms of lost jobs, foreclosed homes, and evaporated savings. We have made a lot of progress in the 7 years since we passed Wall Street reform. The Vice Chair of Supervision at the Federal Reserve, a position created in Dodd-Frank, is supposed to look out for our financial system and make sure that our financial system is sound. Mr. Quarles served as Treasury's Under Secretary for Domestic Finance in the years leading up to the 2008 financial crisis. It was his job to coordinate oversight of the financial industry. Many of his statements, however, leading up to the crisis were far too credulous. He seemed to believe whatever the banks were telling him. They were far too credulous when it came to industry claims that we simply need not worry; the economy is in good shape and we don't have to worry about a credit bubble. In the early 2000s, while at the Treasury Department, Mr.…”