Powell demotes top bank regulator as Fed leadership shakeup looms

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The Federal Reserve announced Tuesday that Randal Quarles will no longer be in charge of regulating the country’s financial system after his vice chairmanship expires Wednesday, a move that could mark the beginning of major leadership changes at the Fed.

The announcement comes as Fed Chair Jerome Powell is awaiting word on whether he will be renominated by President Joe Biden to a second term. Some progressive groups have criticized Powell and Quarles — both appointed by President Donald Trump — for rolling

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