The Senate on July 17, by a 66-33 vote, confirmed Randal Quarles to a full 14-year term on the Federal Reserve Board of Governors. Quarles, who began a four-year term as the Fed's vice-chair for supervision last October, has been a prominent voice in efforts to reform the banking regulatory regime. But his position had technically been in a bureaucratic state of limbo since the unexpired term he was appointed to fill expired in January of this year. Upon his July 23 swearing in, Quarles will now serve on the Board until 2032. Meanwhile, only three of the Board's seven seats are currently filled as three other Fed nominees – Richard Clarida, nominated as vice-chair, Michelle Bowman and Marvin Goodfriend – are still awaiting Senate confirmation votes. "Confirming Mr. Quarles to a new 14-year term will provide needed stability at the Board and allow for the prompt consideration of other Board nominees," Senate Banking Committee Chairman Mike Crapo (R-ID) said in a floor speech prior to Quarles's confirmation vote.