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By Kent Larsen
NYC Mormon Named to IMF
WASHINGTON, DC -- New York attorney Randal Quarles was named Friday by US
President George W. Bush as the US Executive Director of the International
Monetary Fund (IMF). Quarles, a native of Roy, Utah, leads the financial
institutions group and is a partner at New York law firm Davis, Polk and
Wardwell. He was also the Deputy Assistant Secretary of the Treasury for
financial institutions policy in the George Bush (Sr.) administration. His
appointment must be confirmed by the US Senate.
Quarles' appointment is considered quasi-ambassadorial because of the
diplomatic nature of the IMF, an agency of the United Nations. The
organization is well-known for making loans to stabilize failing economies,
including high-profile loans in recent years to Mexico and Russia. It is run
by a board of 24 executive directors, one each from the six largest nations
and the rest selected for each region by a vote of the countries in that
region. However, voting is by the amount of money contributed to the fund,
which gives the US the single largest vote, at 18%.
Quarles is a graduate of Roy High School (1975), Columbia University (1981)
and Yale Law School (1984) and a returned missionary who served in the
Quebec Canada Mission. Quarles worked for Davis, Polk in both New York City
and in London, and left the firm temporarily to serve in the Treasury
Department. He is married to Hope Eccles, daughter of former First Security
Bank Chairman and CEO Spencer Eccles, and the couple have two children and
maintain residences in Manhattan and in Salt Lake City, where Hope Eccles
has run the non-banking businesses of the Eccles family.
Sources:
Utahn is Bush's choice for IMF
Deseret News 30Jun01 T2
By Lee Davidson: Deseret News Washington correspondent
Bush Names Roy Native to Head The International Monetary Fund
Salt Lake Tribune 1Jul01 T2
Associated Press
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