“My term as a governor of the Fed, as you know, extends until 2032,” Quarles told Politico in June. “There’s a tradition in our family that people serve out their full terms on the Federal Reserve Board of governors, even if they are no longer the chair or the vice chair still.” (Quarles is related by marriage to former Fed chair Marriner Eccles, who stepped down as chair in 1948 but stayed on the Fed board until 1951.)
Randy Quarles, former banking cop, resigns from Fed as Biden weighs nominations – The Washington Post
