December 15, 2017
Vice Chairman Quarles will voluntarily recuse himself from participating in matters specific to Wells Fargo to avoid even the potential appearance of a conflict of interest
For release at 1:30 p.m. EST
The Federal Reserve Board on Friday announced that Vice Chairman Randal K. Quarles will recuse himself from participating in matters specific to Wells Fargo & Company. While this action is voluntary and is not legally required, it is being taken to avoid even the potential appearance of a conflict of interest.
Upon his confirmation as a Board Member, Vice Chairman Quarles divested all applicable stock holdings related to Wells Fargo. However, in light of his extended family's prior sale of their interest in a bank to Wells Fargo, he has chosen to recuse himself from matters specifically involving the firm.
As a result, Vice Chairman Quarles will not vote on, or participate by decision or recommendation in, matters specifically involving Wells Fargo. He will continue to oversee the Board's supervision and regulation responsibilities as Vice Chairman for Supervision, including the development of supervisory policies and rules applicable to banking organizations generally.
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