A win for Wall Street: Trump Fed appointee to head global banking rulemaker

A bank regulator appointed by President Trump has been chosen to lead the panel that writes global lending rules, signaling that Wall Street will continue to benefit from less-stringent standards even if a Democrat takes the White House in 2020.

Randal Quarles, whom Trump named the Federal Reserve’s vice chairman for bank supervision in October 2017, will begin a three-year term as chairman of the Financial Stability Board on Dec. 2, succeeding Bank of England Governor Mark Carney. The panel, based in Basel, Switzerland, was formed in the aftermath of the 2008 financial crisis and represents the world’s richest countries.