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Quarles and Kerry on the Move

shutterstock_267261659U.S. leaders moved around a bit this week as the Senate voted Thursday on the confirmation of Randal Quarles as Member of the Board of Governors of the Federal Reserve System, and Bank of America recently announced that former U.S. Secretary of State, John F. Kerry has joined as new chairman of its Global Advisory Council.

The 14-member Global Advisory Council was formed in 2013 to offer advice and insight, through senior bank executives, on the bank’s global strategy and operations. In addition, the council adds perspective on local market opportunities and trends, and assists the bank with establishing relationships around the world.

"Secretary Kerry’s insights into global affairs are of great value to our council as we focus on a rapidly changing world,” said Brian Moynihan CEO of Bank of America.

According to Secretary Kerry, joining Bank of America’s Global Advisory Council is a timely role for him.

“This is an incredibly dynamic time of transition, and even turmoil, around the world, all of it happening at a digital pace, and Brian Moynihan has made it clear he wants to stay ahead of the curve," said Secretary Kerry.

Secretary Kerry continued to explain that the council “will be analyzing a range of issues and providing our perspective on helping the bank with the developments that will define the future we share as a worldwide community.”

“Whether it 's climate change where Bank of America has provided remarkable leadership as a corporate citizen, extreme poverty, or the challenges of 21st-century governance and modernity,"  he said.

The 68th U.S. Secretary of State and former senator from Massachusetts is also a former chairman of the Senate Foreign Relations Committee, and is currently a Distinguished Fellow for Global Affairs at Yale University and Visiting Distinguished Statesman at the Carnegie Endowment for International Peace.

Back in July, President Donald Trump announced his intent to nominate Quarles to be a Member of the Board of Governors of the Federal Reserve System for the remainder of a 14-year term expiring January 31, 2018, and for an additional 14-year term expiring January 31, 2032, and to be Vice Chairman for Supervision of the Federal Reserve System for a term of 4 years.

Quarles has had an extensive career in government and international finance, serving as Under Secretary for Domestic Finance in the George W. Bush Administration, and before that as Assistant Secretary of the Treasury for International Affairs and U.S. Executive Director of the IMF. He had earlier served in the George H.W. Bush Administration as Deputy Assistant Secretary for Financial Institutions Policy.

About Author: Nicole Casperson

Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech's College of Media and Communications. To contact Casperson, e-mail: [email protected].
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