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Posted 24 Jul 2001   For week ended July 06, 2001
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Sent on Mormon-News: 04Jul01

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.


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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