Ex-Fed vice-chair Quarles linked to bank seeking master account
Quarles’s involvement recalls controversy over Sarah Bloom Raskin
Former Federal Reserve supervision chief Randal Quarles is among the founders of a new specialised bank applying for a Federal Reserve master account. The bank, Currency Reserve Bank, will provide US banknotes and coins for overseas customers.
The Financial Times reported Quarles’s involvement in Currency Reserve on June 27. According to a new Federal Reserve database, Currency Reserve applied for a master account in August 2022 with the Federal Reserve Bank of New York.
The application may
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