Fed’s Randal Quarles: next steps for the Financial Stability Board

Ideas of Order: Charting a Course for the Financial Stability Board
Vice Chairman for Supervision Randal K. Quarles
At Bank for International Settlements Special Governors Meeting, Hong Kong
February 10, 2019

It is time for the FSB to turn more of its energy and attention to the future. Tonight I would like to outline a few core principles that should guide this pivot forward. First, engagement: to maintain the legitimacy of our work, to increase understanding of it, and to enhance its effectiveness, we must improve our outreach and transparency–including to our membership, other global authorities, the public, and key stakeholders. Second, rigor: as we devote more attention to evaluation of new and evolving risks in the financial sector, we must ensure that our assessment of vulnerabilities is based on cutting-edge thinking and a disciplined methodology. And third, analysis: regulation has evolved rapidly in the last decade, and–if we are doing our jobs right–will continue to evolve with rapid developments in the financial sector. An important part of our work must be continual, critical analysis of the effects of regulaton with an eye to making useful improvements where possible.

The full speech is available at https://www.federalreserve.gov/newsevents/speech/quarles20190210a.htm

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