Quarles says Congress should rein in Fed funding

Former vice-chair for supervision calls for new body to wind down liquidity programmes

Randal Quarles
Randal Quarles

Federal Reserve Board vice-chair Randal Quarles said the US congress should create a new body to take over the Fed’s emergency liquidity programmes.

In what he called his “final speech” in office, Quarles warned governments might be tempted to make the Fed’s emergency funding programmes permanent. He also criticised current capital limits for US banks, saying they were unnecessarily restricting lending.

Speaking to the American Enterprise Institute, a right-leaning think-tank, Quarles said

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