[Congressional Record Volume 163, Number 160 (Thursday, October 5, 2017)]
[Senate]
[Page S6328]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                           EXECUTIVE CALENDAR

  The PRESIDING OFFICER. Under the previous order, the Senate will 
proceed to executive session and resume consideration of the Quarles 
nomination, which the clerk will report.
  The legislative clerk read the nomination of Randal Quarles, of 
Colorado, to be a Member of the Board of Governors of the Federal 
Reserve System for the unexpired term of fourteen years from February 
1, 2004.
  The PRESIDING OFFICER. Under the previous order, the time until 10 
a.m. will be equally divided between the two leaders or their 
designees.
  The Senator from Utah.
  Mr. HATCH. Mr. President, I rise today to applaud the nomination of 
Randal Quarles to help oversee the Federal Reserve System. Mr. Quarles 
is certainly eminently qualified to serve in this capacity in this 
important position. Through his long experience in public service and 
the private sector, Mr. Quarles has gained experience in financial 
regulation, economics, and the firsthand operations of financial 
institutions. He also has a proven track record of leadership and 
policy management.
  The Fed's responsibilities are extensive, and they are varied, and 
the roles Mr. Quarles has been nominated for come during a unique 
period in the Fed's history. The years ahead will be decisive for the 
development of the Federal Reserve, the American economy, as well as 
domestic and international financial reform. It is paramount that the 
Fed be equipped with a well-rounded leadership team so it can meet the 
many challenges and opportunities of maintaining monetary and financial 
stability. I firmly believe that Mr. Quarles is an ideal fit to take on 
such responsibilities--for the success of the Federal Reserve and the 
good of our Nation.
  In closing, I applaud and strongly support the President's nominee to 
help oversee the Federal Reserve System. I know him personally. I know 
what a fine man he is. I know what an excellent leader he is. He will 
do a good job.
  Importantly, I would note that it is the intention to confirm Mr. 
Quarles to the position of Vice Chair for Supervision--another 
essential role.
  It is critical that Mr. Quarles begin his work at the Fed as soon as 
possible. There really is no time to waste. He will do a great job.
  (At the request of Mr. Schumer, the following statement was ordered 
to be printed in the Record.)
 Ms. CORTEZ MASTO. Mr. President, I had expected to be able to 
vote today on the confirmation of Mr. Randal Quarles to be a member of 
the Federal Reserve. Instead, I am in Las Vegas, meeting with victims 
of and first responders to the deadliest mass shooting in modern U.S. 
history.
  On the question of Mr. Quarles's nomination, I want to make clear 
that I would have voted ``no'' had I been present. While an official in 
the Bush administration Treasury Department in the lead-up to the 
economic crisis of 2007 to 2009, Mr. Quarles failed to take action to 
prevent the build-up of risk that ultimately led to hundreds of 
thousands of foreclosures and evictions in Nevada. In fact, Mr. Quarles 
during that period repeatedly maintained that the financial system was 
safe, that large banks were well-capitalized, and that the housing 
market was strong, notwithstanding clear signs of escalating risk. 
After serving in the Treasury Department, Mr. Quarles was the 
beneficiary of the second-largest ``loss share'' agreement in the 
Federal Deposit Insurance Corporation's history. This agreement 
provided a taxpayer-backed guarantee and allowed Mr. Quarles to profit 
substantially off of the failure of a large bank.
  If confirmed, I hope that Mr. Quarles will exceed my expectations and 
become a strong advocate for a safe and resilient American financial 
system. However, I cannot in good conscience vote to confirm him given 
my concerns about his past record.
  Thank you.