As the country reeled from news that Donald Trump Jr. apparently tried to collude with Russia against former Democratic presidential contender Hillary Clinton , his father, President Donald Trump , announced a decision that will have ripple effects on the American economy for years to come.

Trump, distressing advocates of tough financial rules and pro-worker monetary policy, on Monday nominated veteran Wall Street lawyer Randal Quarles to serve as the Federal Reserves top finance regulator.

Quarles has moved back and forth between finance and government, which critics pointed out makes his selection Trumps latest departure from the campaign promise to drain the swamp.

Quarles is an insider. He has been an insider for decades to both Wall Street and the inside-Washington sort of swamp the Wall Street-Washington nexus, said Marcus Stanley, policy director of Americans for Financial Reform.

Quarles likely was chosen to loosen carefully crafted new banking rules, and to prioritize inflation over jobs to the detriment of American workers, Stanley and other critics warned.

There are two themes to his career: corporate consolidation and deregulation, said Jordan Haedtler, campaign director of Fed Up, which advocates progressive Federal Reserve policy. The idea of having that person be the Feds top regulator is pretty scary.