Randal Quarles, governor and vice chairman for supervision at the U.S. Federal Reserve, will be the new chairman of the Financial Stability Board (FSB) and Klaas Knot, president of De Nederlandsche Bank, will be vice chairman, the global policy group announced Monday.
Both men will serve three-year terms beginning on Dec. 2.
In addition, Knot will take over as chairman beginning on Dec. 2, 201.
Quarles will succeed Mark Carney, the former head of the Bank of Canada and current head of the Bank of England.
“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. Their appointment demonstrates the FSB’s unique role as a member-led, international body for cooperation on global financial stability,” Carney says in a statement..
“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. 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. I look forward to working with Klaas and all FSB members towards this goal,” says Quarles in a statement..
The FSB co-ordinates the work of national regulators and standard-setters at the international level, and has been leading much of the response to the global financial crisis.