Randal K. Quarles took office as a member of the Board of Governors of the Federal Reserve System on October 13, 2017, to fill an unexpired term ending on January 31, 2018. He was reappointed to the Board and sworn in on July 23, 2018, for a term ending January 31, 2032. He served as Vice Chair for Supervision from October 13, 2017 to October 13, 2021. Mr. Quarles is also chair of the Financial Stability Board (FSB). He took office on December 2, 2018, to fill a three-year term. The Financial Stability Board is an international body that monitors and makes recommendations about the global financial system. It also coordinates national financial authorities and international standard-setting bodies as they work toward developing strong regulatory, supervisory, and other financial sector policies. Prior to his appointment to the Board, Mr. Quarles was founder and managing director of the Cynosure Group, a Utah-based investment firm. Prior to that, Mr. Quarles was a partner at The Carlyle Group, a private equity firm based in Washington, D.C. Mr. Quarles also served as Under Secretary of the U.S. Department of the Treasury for Domestic Finance and Assistant Secretary of the Treasury for International Affairs. During his tenure, Mr. Quarles served as policy chair of the Committee on Foreign Investment in the U.S. Prior to joining the Treasury, Mr. Quarles served as the U.S. executive director of the International Monetary Fund. He received an AB in philosophy and economics, summa cum laude, from Columbia in 1981 and earned a law degree from the Yale Law School in 1984.