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As vice chair, though, Raskin will face a particularly daunting task: rebuilding financial safeguards that deteriorated under the previous head of supervision, Randal Quarles, whose four-year term ended in October. Among other things, the Fed gutted the Volcker rule, intended to curb speculation at federally backed institutions, and weakened stress tests designed to ensure that banks maintain ample loss-absorbing equity capital. One result has been a sharp decline in the already meager level of equity as a share of total assets at the largest U.S. banks.

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