January 17, 2018 / 3:19 PM / a year ago

Senate panel advances Quarles' nomination as full-time Fed governor

WASHINGTON, Jan 17 (Reuters) - A key Federal Reserve official is one step closer to receiving a full term on the central bank’s board of governors, after a congressional committee advanced his nomination.

Randal Quarles is already at the Fed serving as its top bank regulator. But on Wednesday, the Senate Banking Committee approved his nomination to serve a full 14-year term at the Fed as a governor. He was approved by voice vote.

Quarles had been expected to be approved by the panel, which in 2017 approved his nomination as the Fed’s vice chair for supervision, as well as to fill a short-term opening on the Fed’s board of governors. Wednesday’s vote was largely procedural to provide Quarles with a full-time slot. His current term expires at the end of January.

His nomination now proceeds to the full Senate, where he is expected to be approved for a full Fed term in the coming weeks. (Reporting by Pete Schroeder Editing by Chizu Nomiyama)

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