Salzburg Global Fellow Randal K Quarles to Chair Financial Stability Board

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Dec 18, 2018
by Oscar Tollast
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Salzburg Global Fellow Randal K Quarles to Chair Financial Stability Board

US Federal Reserve Governor to chair international regulations body Randal K. Quarles at Session 563 - Financing the Global Economy: How Can Traditional and Non-Traditional Sources Be Integrated?

Salzburg Global Fellow and US Federal Reserve Governor Randal K. Quarles has been appointed the new chair of the Financial Stability Board (FSB).

Quarles, 61, replaces Bank of England Governor Mark Carney and will serve a three-year term. Klaas Knot, president of De Nederlandsche Bank, has been appointed vice chair and will replace Quarles in 2021.

The Financial Stability Board is an international body which monitors and makes recommendations about the global financial system.

Quarles said, “Under [Mark Carney’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.”

Quarles became President Donald Trump’s first confirmed Fed nominee in October 2017. He serves as the Federal Reserve’s vice chairman for supervision.

He previous worked in the Treasury Department under President George W. Bush between 2002 and 2006, serving first as assistant secretary for international affairs and then as undersecretary for domestic finance.

Quarles has taken part in several programs at Salzburg Global. He first attended Schloss Leopoldskron in 2013 for Out of the Shadows: Regulation for the Non-Banking Financial Sector.

The following year, he was a participant at The Future of Banking: Is There a Sustainable Business Model for Banks? He took part in his third Salzburg Global Finance Forum in 2015 when he attended The Future of Financial Intermediation: Banking, Securities Markets, or Something New?

His most recent appearance at the Forum and Salzburg Global was in 2016 when he attended Financing the Global Economy: How Can Traditional and Non-Traditional Sources Be Integrated?


The Salzburg Global Finance Forum tackles issues critical to the future of financial markets and global economic growth and stability. Created in 2011, its annual meeting facilitates candid in-depth analysis of strategic challenges and emerging risks by senior and rising leaders from financial services firms, supervisory and regulatory authorities, and professional service providers.