WASHINGTON - The White House announced Tuesday that President Bush would nominate Utah native Randal K. Quarles to be an undersecretary at the Treasury Department with oversight of U.S. banking and financial markets and managing the national debt. Quarles is currently the assistant secretary of Treasury in charge of international affairs and has been serving as the acting undersecretary of the branch. Prior to that, he was the U.S. executive director of the International Monetary Fund. The nomination will require approval by the Senate Finance Committee and the full Senate. Quarles was raised in Roy, received a bachelor's degree in philosophy from Columbia College in 1981 and a law degree from Yale Law School in 1984. He spent 17 years working as a Wall Street lawyer, eventually leading Davis Polk & Wardwell's Financial Institutions Group, advising domestic and international banks and bank holding companies. He also served in the Treasury Department under President George H.W. Bush, as deputy assistant secretary in charge of financial institutions policy and as special assistant to the Treasury Secretary for banking legislation. In those positions, he helped reform laws governing bank capital markets activities. He is married to Hope Eccles, the daughter of Utah banking magnate Spencer Eccles.