The Honorable Randal K. Quarles
Randal Quarles is Managing Director of The Cynosure Group, a private investment firm bringing together the resources of a number of the country’s most significant family offices to make long-term equity investments in private companies across a range of industries. Before founding Cynosure, Mr. Quarles was a partner of the Carlyle Group, one of the world’s leading private equity firms, where he started the firm’s fund which invests in the financial services industry.
Before joining Carlyle in 2007, Mr. Quarles was Under Secretary of the U.S. Treasury, where he led the Department’s activities in financial sector and capital markets policy, including coordination of the President’s Working Group on Financial Markets, regulatory reform of Fannie Mae and Freddie Mac, and proposing fundamental reform of the U.S. financial regulatory structure. He was also responsible for the Treasury’s operations, and government assets and liabilities (including management of the government debt).
Before serving as Under Secretary, Mr. Quarles was Assistant Secretary of the Treasury for International Affairs from 2002 - 2005, where he had a key role in response to several international crises -- the Argentine debt default, as well as near defaults in Brazil, Turkey and Uruguay -- and was responsible for a wide range of international financial matters, focusing particularly on financial structure and stability, cross-border investment and financial regulation, and promotion of free trade in financial services. He led the financial regulatory dialogue between the United States and the European Union, led the U.S. delegation to the Financial Stability Forum (the semi-annual meeting of the heads of regulatory agencies from the world’s largest developed and emerging market countries), and negotiated the financial services provisions of several free trade agreements. In addition, Mr. Quarles was the policy chair of the Committee on Foreign Investment in the United States, which reviews potential investments that raise national security issues, and negotiated the historic debt relief agreement for the world’s poorest countries reached at the G7 meetings in London in 2005. Mr. Quarles was also the U.S. Executive Director of the International Monetary Fund, U.S. Executive Director of the European Bank for Reconstruction and Development, a member of the Air Transportation Stabilization Board, the Board of Directors of the Overseas Private Investment Corporation, and board representative for the Pension Benefit Guaranty Corporation. In earlier public service, he was an integral member of the Treasury team in the George H. W. Bush Administration that developed the governmental response to the savings and loan crisis.
Between his tours of duty in public service, Mr. Quarles was a partner with the law firm of Davis Polk & Wardwell, working at various times in both the New York and London offices, where he was co-head of the firm’s financial institutions practice and advised on transactions that included a number of the largest financial sector mergers ever completed.
Mr. Quarles received an A.B. summa cum laude in philosophy and economics from Columbia in 1981 and a J.D. from the Yale Law School in 1984.