washington randal quarles u.s. president donald trump pick bank oversight federal reserve tell lawmakers thursday would ensure transparency around central bank scrutinize major lenders preparedness crisis annual stress test think feed look transparent activities way reduce effectiveness test quarles tell confirmation hear senate bank committee clear expect get compliance quarles former wall street lawyer u.s. treasury official expect confirm vice chairman supervision federal reserve post key trump plan loosen leash put big bank follow 2008 financial crisis view industry-friendly figure speak past break big bank quarles say would work simplify volcker rule ban bank make speculative bet money wall street criticize rule unworkable argue impossible bank determine trade purely profit oppose create market liquidity quarles tell senators agree former feed governor daniel tarullo effectively run bank supervision step february change exist financial rule need include raise threshold bank label systematically important level stress test kick confirm quarles also vote monetary policy member feed board governors previous proponent use taylor rule interest rate forecast model guide interest rate decisions tell committee long hold view put back line central bank current policymakers think taylor rule merely one example rule advocate adoption taylor rule guide feed policy say quarles appear front committee joseph otting nominee comptroller currency regulate national bank opposition senators attack men record aftermath financial crisis otting former chief executive one west californian lender foreclose 36,000 home strike lucrative deal federal deposit insurance corp. quarles meanwhile benefit government support trouble fail bank work private equity firm carlyle mr otting bank make money kick seniors home turn around say government make say democratic senator sherrod brown mr quarles bemoan role government player financial sector rather referee sentiments would ring little less hollow bank accept 2.5 billion fdic protect losses give current senate rule require slim majority approve presidential nominees neither expect face realistic threat confirmation spokeswoman senate bank committee decline comment quickly panel could vote pair senate republicans agree stay session two additional weeks august eye toward work backlog nominees federal reserve nominee quarles pledge transparency bank stress test