Quarles Leaving Treasury

Treasury Under Secretary Randal Quarles, the Bush administration's point man on GSE reform, has served notice that he plans to return to the private sector after Congress adjourns for the year.The under secretary for domestic finance has served in the administration for five years. He is working on a debt-approval process that would allow the Treasury to limit the debt issuance of the three big housing government-sponsored enterprises -- Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. "I was disappointed to learn when I arrived [in early July] that Randy had long planned to return to the private sector," Treasury Secretary Henry Paulson said. "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 consent." Before joining the Bush administration, Mr. Quarles was co-head of the financial institutions group at the law firm of Davis, Polk & Wardwell.