The plenary of the Financial Stability Board (FSB) today appointed Randal K. Quarles (governor and vice chairman for supervision at the US Federal Reserve) as its new chair, while Klaas Knot (president of De Nederlandsche Bank) as vice chair.

Both Quarles and Knot will serve a three-year term, commencing on 2 December 2018. The plenary also agreed that, following their three-year term, Knot will take over as chair for next term, starting on 2 December 2021.

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

Commenting on the appointments, current FSB chair 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.”

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