Randal Quarles, one of the top officials at the US Federal Reserve, has been formally confirmed as the new chair of the Financial Stability Board. He succeeds Mark Carney, the governor of the Bank of England.

Quarles, a former partner at Carlyle, the private equity group, was President Donald Trump’s first appointee to the US central bank in October 2017. He was put forward by the FSB’s nominations committee last week, and confirmed in a vote by its members today, November 26.