Nomination process underway

Fed nominee Quarles is being grilled by the Senate banking committee. You can watch for yourself by going HERE.

Some comments:

  • The discretion of policymakers and regulators should be as constrained as possible
  • Actions should be predictable, less uncertainty on arc of policy
  • More work needed to improve the bankruptcy code to address failing banks.

The comments are not really market moving of course, but we may get to know the Fed nominee more, from his comments.