Randy Quarles appointed as Chair of the FSB
- 1 month ago
Bank of England Governor Mark Carney will make way to Federal Reserve Governor Randal Quarles as the Chair of the Financial Stability Board, as of December once he steps down.
The FBS is a body which has been overseeing new banking rules for the the G20 ever since the financial crisis back in 2008.
With that announcement the FSB has also added that Klaas Knot, president of the Dutch central bank, has been appointed vice chair and will succeed Quarles within three years for a period of three years.
Quarles was initially appointed by Donald Trump as the Fed’s first head of banking supervision.
The regulatory sources have welcomed this move as it keeps Washington further involved with the FSB and at the same continuing an European influential role.
Quarles said the FSB’s work remains just as compelling since the last financial crisis.
European regulators were alarmed when Trump last year directed U.S. regulators to review post-crisis regulations with an eye to stimulating lending and boosting the economy.
But the Fed under Quarles and Chairman Jerome Powell has largely steered a moderate course, moving to refine and tailor post-crisis regulations in line with firms’ risk profiles.
Sensing that many governments want a pause in the heavy bout of rulemaking that followed the financial crisis, the FSB has already signalled a change in course and speed.
“Randy and Klaas will provide strong leadership and continuity as the FSB pivots towards the implementation and evaluation of post-crisis reforms, and to addressing emerging vulnerabilities in the global financial system,” Carney said in an FSB statement.
Source: Smart Trend Team/ Reuters