News | 02.11.19
Financial Stability Board Must Identify New Threats, Refine Existing Rules: Chair
The Financial Stability Board (FSB) needs to commit more resources to identifying new threats while reviewing existing reforms for refinement, Randal Quarles, who took over as chair of the FSB in November and is the Federal Reserve's vice chair for supervision, said in a speech Sunday. In particular, Quarles said the FSB would be reviewing its framework for assessing vulnerabilities to ensure it can identify new and developing market threats. He also said the FSB was evaluating existing reforms for their effectiveness, and seeking ways to make them more efficient. He further called on the FSB to up its outreach and transparency with all affected parties, including the financial industry, to ensure all perspectives are considered.
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