Brown, Cortez Masto, Crapo

Executive Session (Quarles Nomination)

Senator Brown: (2:15 a.m.)

  • Spoke on the nomination of Randall Quarles to be a member of the Board of Governors of the Federal Reserve.
    • "Time and again Mr. Quarles has sided with Wall Street, not with workers. Look what happened with the stress test. The Fed allowed the seven largest banks to redirect $96 billion that should be used to pay workers, to reduce fees for consumers, to protect taxpayers from bailouts. Instead, they plow that money into share buybacks, in dividend that reward, you guessed it, wealthy executives and investors. Two banks had capital below the amount. Now the fed will have new rules to make stress tests easier, giving banks more leeway to design the exams they will much more likely pass."

 

Senator Cortez Masto: (2:18 a.m.)

  • Spoke on the nomination of Randall Quarles to be a member of the Board of Governors of the Federal Reserve.
    • "I rise to speak out against the nomination of Randal Quarles. Mr. Quarles served in the Bush administration's Treasury Department in the years that led up to the financial crisis of 2008, his failure to take action to prevent this crisis led to hundreds of thousands of foreclosures and evictions in my home state of Nevada. Nevada was ground zero for the financial crisis, we were the hardest hit of any state in the country, we had the highest foreclosure rate for 62 months straight and the highest number of underwater mortgages. Banks took the homes of more than 219,000 Nevada families. Anyone driving through parts of Las Vegas and Reno in 2009 to see boarded up houses, for sale signs an empty lots everywhere."

 

Senator Crapo: (2:21 a.m.)

  • Spoke on the nomination of Randall Quarles to be a member of the Board of Governors of the Federal Reserve.
    • "In additions to his current service on the board, his government experience includes serving in multiple top posts in the Treasury Department. Currently only three of the seven available board seats are filled and several other nominees to the board await confirmation. I have appreciated the important work carried out by Mr. Quarles at the board. Including his role as regulatory and supervisory policy. Some argue he is responsible for the housing crisis. He wasn't on the federal board when the housing crisis occurred."