Randal Quarles

Infobox US Cabinet official
name=Randal K. Quarles

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300px
order=
title=United States Under Secretary of the Treasury for Domestic Finance
term_start=August 8, 2005
term_end=October 13, 2006
president=George W. Bush
predecessor=Brian Roseboro
successor=Robert Steel
birth_date=birth date and age|1957|09|05
birth_place=San Francisco, California
death_date=
death_place=
alma_mater=Columbia University Yale Law School
party=Republican
profession=Private Equity Investor
spouse = C. Hope Eccles
children = 3
website =

Randal Keith Quarles (born September 5 1957 in San Francisco, California) [ [http://authorities.loc.gov/cgi-bin/Pwebrecon.cgi?AuthRecID=5764973&v1=1&HC=1&SEQ=20080302211131&PID=29069 System Timed Out (Library of Congress Online Catalog) ] ] is a managing director at The Carlyle Group, [ [http://www.carlyle.com/Team/item9821.html The Carlyle Group : Quarles, Randal K ] ] one of the world’s largest private equity firms. [ Dan Briody, The Iron Triangle: Inside the Secret World of the Carlyle Group, John Wiley & Sons, 2003, ISBN 0-471-28108-5 ] From August 2001 until October 2006, he held several important financial policy posts in the George W. Bush administration, ultimately serving as Under Secretary of the Treasury for Domestic Finance. [ [http://web.archive.org/web/20060917041237/http://www.treas.gov/organization/bios/quarles-e.html U.S. Treasury - Biography of Randal K. Quarles, Under Secretary for Domestic Finance ] ]

Early life

Quarles was raised in Utah, and is a devout Mormon. He studied philosophy and economics at Columbia University in New York City. Like most young Mormons, he interrupted his college education at Columbia to serve as a missionary for two years. His mission president was the noted Utah politician Wayne Owens, and Quarles was part of a surprisingly large group of young men trained by Owens who later attained prominence in business, law, and politics. After completing his college education at Columbia, where he graduated with the highest possible honors, he entered Yale Law School and graduated in 1984.

Early career

Upon graduation from Yale, Quarles was hired as an associate at the Wall Street law firm of Davis Polk & Wardwell. He spent most of his career there in the New York office but worked in the London office from 1987 to 1989. He specialized in financial institutions law, eventually becoming co-head of the firm's Financial Institutions Group and advising on transactions that included a number of the largest financial sector mergers ever completed. [ www.iflr.com/?Page=10&PUBID=33& ISS=11988&SID=509280&SM=&SearchStr= -; http://blogs.wsj.com/law/2006/08/11/quarles-to-leave-treasury-will-he-return-to-the-law/ ] .

George H.W. Bush Administration

In 1990, Nicholas Brady, Treasury Secretary under George H. W. Bush, asked Quarles to join a team working to reform the Glass-Steagall Act, the US legislation that separated commercial from investment banking. Quarles served in the first Bush adminsitration as Deputy Assistant Secretary of the Treasury, returning to Davis Polk in January 1993.

George W. Bush Administration

In 2001, Secretary Paul O'Neill asked Quarles to return to the Treasury, where he served until the mid-term elections in 2006. At the Treasury, Quarles was a senior official under all three of George W. Bush’s Treasury Secretaries and developed policy on an unusually broad range of matters in both domestic and international financial affairs. http://www.treas.gov/press/releases/hp53.htm]

As Under Secretary, Quarles led the Department’s activities in financial sector and capital markets policy, [ [http://web.archive.org/web/20060215225056/http://www.treas.gov/education/duties/treas/a-sec-domfin.shtml U.S. Treasury - Duties & Functions of the Under Secretary of Domestic Finance ] ] including coordination of the President’s Working Group on Financial Markets, [ [http://www.futuresindustry.org/fi-magazine-home.asp?a=1084 FI Magazine Home ] ] development of administration policy on hedge funds and derivatives, [ [http://banking.senate.gov/_files/ACF82C2.pdf www.senate.gov - This page cannot be found ] ] regulatory reform of Fannie Mae and Freddie Mac, [ [http://search.ft.com/ftArticle?queryText=Quarles+Fannie+Mae&y=0&aje=true&x=0&id=060223008626&ct=0 FT.com / Search ] ] and proposing fundamental reform of the U.S. financial regulatory structure. [http://www.treas.gov/press/releases/hp19.htm]

From April 2002 until August 2005, Quarles was Assistant Secretary of the Treasury for International Affairs. [ [http://www.whitehouse.gov/news/releases/2001/11/20011115-13.html President Bush to Nominate Two Individuals to Serve in His Administration ] ] Quarles had a leading role in issues ranging from Chinese currency policy to the Argentine debt default, and from Iraqi and Afghan economic reconstruction to the reform of collective action in sovereign debt agreements. In addition, Quarles was the policy chair of the Committee on Foreign Investment in the United States, which reviews potential investments that raise national security issues, [ [http://www.ustreas.gov/press/releases/js1007.htm JS-1007: Asst. Secretary Quarles' Remarks to Organization for International Investment ] ] and negotiated the historic debt relief agreement for the world's poorest countries reached at the G7 meetings in London in 2005. [ [http://www.america.gov/st/washfile-english/2005/June/20050608175727ESnamfuaK0.7634088.html Development Aid Expected To Be Focus of Group of Eight Meeting ] ]

From August 2001 until April 2002, Quarles was the U.S. Executive Director of the International Monetary Fund, where he represented the United States in negotiations over the IMF’s response to financial crises in Argentina and Turkey. [ [http://www.imf.org/external/pubs/ft/survey/sup2001/index.htm IMF Survey Supplement on the Fund, September 2001 ] ]

Carlyle Group

After his departure from the Treasury, Quarles joined the Carlyle Group, the leading private equity firm, to help the firm develop a focus on transactions in the financial services sector. There he works with a group that includes Oliver Sarkozy, the former head of the financial institutions group at UBS and brother of the president of France, and Sandy Warner, the former chairman and CEO of JP Morgan & Co.

References