Fischer "contributed invaluably to our monetary policy deliberations," Fed Chair Yellen said in a statement on Wednesday. "We will miss his wise counsel, good humor, and dry wit."
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Crapo, however, said that Quarles is well-qualified for his prospective post and "up to the challenge" of complex duties with wide-ranging impacts -- an opinion Quarles worked to validate during a July hearing before the same committee.
While Quarles acknowledged that his post would give him "a particular role in ensuring the safety, soundness and efficient operation of our financial system" and that post-crisis policies had made it safer and more resilient, he said "some refinements will undoubtedly be in order."
Tarullo, one of the principal architects of those policies, indicated as much himself in an April speech in which he said "'there are clearly some changes that can be made without endangering financial stability,'" Quarles noted.
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It's an attitude supported by both President Donald Trump, who argued during his campaign that excess regulation since the crisis had hindered U.S. economic growth, and the country's largest banks. Companies from JPMorgan Chase & Co. (JPM - Get Report) to Citigroup Inc. (C - Get Report) and Bank of America Corp. (BAC - Get Report) would stand to benefit from looser rules.
"The key question," Quarles said, "will be ensuring that, as we continue to refine the system over time, we do so while maintaining the robust resilience of the system to shocks."
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