WASHINGTON — U.S. Sen. Mark R. Warner (D-VA) released the below statement on Randal Quarles, President Trump’s nominee to be the Federal Reserve's Vice Chairman for Supervision:

“While Mr. Quarles and I do not agree on every issue—such as his support for a rigid monetary policy rule that would have hamstrung the Fed’s response to the financial crisis—I believe he is well qualified to be the top regulator at the Fed.  I expect his experience in public service and the private sector will aid him in the development of financial regulatory policy.  In my role on the Senate Banking Committee, I look forward to working with him to ensure we have a financial regulatory system that promotes growth and stability, and maintains the tools included in Dodd Frank to wind down large financial institutions.  As I’ve done with Mr. Quarles, I will be carefully reviewing the credentials and views of any future Fed nominees.  The President should seek candidates who can gain bipartisan support.”