Randy Quarles, a former banker, resigns from the Fed while Biden weighs nominations

“My term as governor of the Fed, as you know, extends to 2032,” Quarles told Politico in June. “It is a tradition in our family that people serve their full terms on the Federal Reserve Board, even if they are no longer chairman or deputy chairman.” (Quarles is related to former Fed Chairman Marriner Eccles, who resigned as chairman in 1948 and remained on the Fed until 1951.)