U.S. Fed's Quarles appointed next chair of Financial Stability Board

IANS | Washington DC | Updated: 27-11-2018 00:58 IST | Created: 27-11-2018 00:58 IST
Randal Quarles, a governor of the U.S. Federal Reserve, was on Monday appointed as the next chair of the Financial Stability Board (FSB) for a three-year term beginning next month.

Quarles, also vice chairman for supervision at the Fed, will succeed Mark Carney, the Bank of England governor, on Dec. 2 to lead the international financial regulatory body, the FSB said in a statement, Xinhua news agency reported.

The FSB, established in 2009 by the world's top 20 economies in response to the global financial crisis, is tasked with monitoring the international financial system and making recommendations to the Group of 20 (G20) on financial regulations.

"Under Mark's leadership, the FSB has played a central coordinating role in building a resilient global financial system in the aftermath of the financial crisis," Quarles said in the statement.

"Ten years on, the FSB's work remains just as relevant. With its broad membership, it is uniquely placed to promote resilience and preserve an open and integrated global financial system in the future," he said.

The FSB's plenary also decided that Klaas Knot, president of the Dutch central bank, will serve as vice chair of the FSB for a three-year term starting December 2018, and then take over as chair of the FSB for the next three-year term starting December 2021.

"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," said Carney, who has chaired the body since 2011.

"Their appointment demonstrates the FSB's unique role as a member-led, international body for cooperation on global financial stability," he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Fiat Chrysler agrees to plead guilty, pay $30M in UAW probe

Fiat Chrysler Automobiles US has agreed to plead guilty and pay a 30 million fine for a corruption scandal at the union that represents its factory workers, authorities said on Wednesday.Federal prosecutors in Detroit charged the company wi...

Actor Deep Sidhu, Lakha Sidhana named in Delhi Police FIR related to Red Fort incidents

The Delhi Police has named actor Deep Sidhu and gangster-turned-social activist Lakha Sidhana in an FIR in connection with Red Fort incidents, officials said on Wednesday.The Delhi Police has registered the case at Kotwali police station of...

Top U.S. Capitol security officials apologize for 'failings' in Jan. 6 attack

Top U.S. Capitol security officials apologized on Tuesday for failings during the deadly attack on the building by followers of then-President Donald Trump in a bid to stop the certification of Joe Bidens election victory.The officials spec...

San Francisco to strip Washington, Lincoln from school names

The San Francisco school board has voted to remove the names of George Washington and Abraham Lincoln from public schools after officials deemed them and other prominent figures, including Sen. Dianne Feinstein, unworthy of the honour.After...

Give Feedback