President Trump has officially named the man he wants to oversee his deregulatory agenda at the Federal Reserve.

The White House announced Monday night that Trump would nominate former George W. Bush Treasury official Randal Quarles to be the vice chair for supervision at the central bank.

It is a position created by the 2010 Dodd-Frank financial reform law to aid with the Fed's expanded bank oversight responsibilities, but was never filled. Republican members of Congress have long sought to fill the role in order to have someone to question in hearings about the Fed's regulation of the financial sector.

Quarles would also have a vote in the Fed's conduct of monetary policy.

Most recently, he has worked in private equity, as a founder of the Salt Lake City-based Cynosure Group. He also has experience at the International Monetary Fund, and worked in a banking policy role in the George H.W. Bush administration.

Banking groups have said that filling the vice chair for supervision role would be key to undertaking the regulatory relief measures spelled out in the Trump Treasury's financial regulation report that called for rolling back many of the Obama-era rules.