The Plenary of the Financial Stability Board (FSB) appointed Randal K. Quarles (Governor and Vice Chairman for Supervision at the US Federal Reserve) as its new Chair and Klaas Knot (President of De Nederlandsche Bank) as Vice Chair, for a three-year term starting on 2 December 2018. The Plenary also agreed that after three years on 2 December 2021 Mr Knot will take over as Chair for the next three-year term.

Plenary members unanimously welcomed these appointments, which were made at the recommendation of a specially constituted Nominations Committee.

FSB Plenary members expressed their gratitude to the current FSB Chair, Mark Carney for his exemplary leadership of the FSB over the past seven years.

Speaking about the appointments, Mark Carney said: “It has been an honour to serve these last seven years. I would like to commend the dedication and professionalism of the FSB Secretariat, and the commitment and wisdom of my fellow policymakers. 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.”

Randal Quarles said: “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.”

Klaas Knot, who as FSB Vice Chair will continue to serve as Chair of the FSB’s Standing Committee on Assessment of Vulnerabilities (SCAV), added: “I look forward to working with Randy and the FSB membership in promoting global financial stability through rigorous implementation of agreed reforms, and by addressing emerging vulnerabilities in the financial system.”

Source: FSB

Images: Randal K. Quarles & Klaas Knot