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August 10, 2006
HP-53

Quarles Announces Intent to Return to Private Sector
after Long Treasury Service, Accomplishments

Treasury Secretary Henry Paulson today praised the accomplishments of Under Secretary of the Treasury for Domestic Finance Randal K. Quarles during his service to the Bush Administration.  Mr. Quarles, who served in senior roles at the Treasury since August 2001, submitted his resignation to the President effective on the adjournment of the 109th Congress.  Before serving as Under Secretary, Mr. Quarles was Assistant Secretary of the Treasury for International Affairs (2001-2005) and U.S. Executive Director of the International Monetary Fund (2001-2002).

"Randy has played a major role in an unusually broad range of matters – from the Argentine debt default to terrorism risk insurance, and from Chinese currency flexibility to GSE reform," said Secretary Paulson.  "I was disappointed to learn when I arrived that Randy had long planned to return to the private sector around the time of this year's mid-term elections, but I am fortunate that he has agreed to be very active in helping me formulate my policy agenda, and over the long term I will continue to rely on his advice and counsel."

Mr. Quarles has played a major role in some of the most significant economic policy issues faced by the Treasury during the Bush Administration, including:

  • Response to the Argentine debt default
  • Chinese currency flexibility
  • Government-sponsored enterprise reform (Fannie Mae and Freddie Mac)
  • Investment policy, acting as Treasury's point person on the Committee on Foreign Investment in the United States from 2001-2005
  • Pension reform, acting as Treasury's board representative to the PBGC from 2005-2006
  • Iraqi and Afghan economic reconstruction
  • Debt relief and increased grant aid for the world's poorest countries, including negotiation of the historic HIPC debt relief agreement reached in London in 2005
  • Extension of the Terrorism Risk Insurance Act
  • Negotiation of the financial services provisions of six free trade agreements
  • Development of the finance initiatives for four G8 summits, for which he served as Finance Sous-Sherpa
  • Reform of collective action provisions in sovereign debt workouts
  • The U.S./E.U. financial services dialogue, which he led and which brought the Federal Reserve, the SEC, and the European Commission together to resolve cross-border financial regulatory issues such as those raised by Sarbanes-Oxley
  • Reintroduction of the 30-year Treasury bond
  • Representation of the Treasury in a host of international forums over many years, including the G7, the G10, the G20, the IMF, the OECD, and the Financial Stability Forum

 

 

 

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