March FOMC meeting outcomes

Randal Quarles

Vice Chair

Board of Governors of the Federal Reserve (2017-2021)

Randal Quarles is Chairman of The Cynosure Group, a diversified asset management firm. Mr. Quarles was the first Vice Chairman for Supervision of the Federal Reserve System, serving through October 2021. At the same time, he served as the Chairman of the Financial Stability Board. Earlier in his career, Mr. Quarles was a partner at The Carlyle Group and before that a partner at the law firm of Davis Polk & Wardwell. In the Bush ’43 Administration, Mr. Quarles served as Under Secretary of the Treasury and as US Executive Director of the IMF. In addition to leading Cynosure, he is a director of The American Express Company, an advisory board member at Apollo/Athene, Millennium Management, Stripe, and Asia Gulf Holdings, and a member of the International Councils of Sumitomo Mitsui Banking Corporation and Mitsubishi Corporation.

Mark Sobel

Vice Chair and Chief Economist

OMFIF

Mark Sobel is Chief Economist and Vice Chair at OMFIF. Mark is a veteran US Treasury official, who was at the forefront of international financial diplomacy for two decades.

Mark, who represented the US on the International Monetary Fund executive board up to April 2018, has had a 40-year Treasury career with extensive around-the-world engagement.

He works with OMFIF in dealings with private and public sector organisations, speak regularly on international and US policy, and provide OMFIF members with insight and analysis.

Mark was Treasury Deputy Assistant Secretary for international monetary and financial policy between 2000 and early 2015. He helped lead Treasury preparations for G7 and G20 finance minister and central bank governor meetings, formulated US positions at the IMF, and coordinated Treasury and regulatory agencies’ work in the Financial Stability Board.

Mark founded the US/EU Financial Market Regulatory Dialogue and chaired an international group of private and official sovereign debt experts that developed enhanced collective action clauses for sovereign debt restructuring. He managed the $100bn-plus Treasury Exchange Stabilization Fund and played a key role in US foreign exchange policy including coordinating the Treasury’s semi-annual foreign exchange report on China and other countries.