Fed's Quarles recuses himself from Wells Fargo matters

Business LeadersAssociated Press

Randal Quarles, who is vice chairman for supervision at the Federal Reserve, says he will recuse himself from participating in matters specific to Wells Fargo & Co. (NYSE:WFC)

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The Fed announced the decision on Friday, saying Quarles wanted to "avoid even the potential appearance of a conflict of interest."

Quarles noted that he had severed all financial ties he and his immediate family had with the bank, including selling off his stock in the banking giant. He said he was taking the step in light of the history his extended family members had with Wells Fargo which involved the sale of their interest in a bank.

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Quarles joined the Fed board in October after being nominated by President Donald Trump to fill the Fed's key bank regulatory job.