WASHINGTON - President Bush formally nominated Utah native Randal K. Quarles last week to be an undersecretary at the Treasury Department with oversight of U.S. banking and financial markets and the management of the national debt. Quarles is 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 as a Wall Street lawyer and 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.