Tiff Macklem, Governor of the Bank of Canada, and Dominique Laboureix, Chair of the Single Resolution Board, have been appointed to lead key committees within the Financial Stability Board (FSB). These appointments come as part of a leadership transition following the departure of previous chairs.
Macklem will chair the Standing Committee on Assessment of Vulnerabilities (SCAV), which is tasked with monitoring and assessing vulnerabilities in the global financial system. The committee proposes necessary actions to the FSB Plenary. Laboureix will head the Resolution Steering Group (ReSG), a forum focused on developing global standards for resolution regimes and planning for systemically important financial institutions.
Both appointments took effect on March 4, 2025, and are set for a two-year term that can be renewed once.
Klaas Knot, FSB Chair, commented on these appointments: “At a time when the financial landscape is rapidly evolving, identifying and addressing vulnerabilities is paramount to maintaining global financial stability. The 2023 banking turmoil underscored the importance of our work on both the assessment of vulnerabilities and resolution. Tiff and Dominique’s extensive experience makes them invaluable for these roles and I look forward to working with them both.”
Knot also expressed gratitude to outgoing Chairs Nellie Liang and Martin J. Gruenberg for their contributions to the FSB's efforts. Liang was formerly Under Secretary for Domestic Finance at the US Department of Treasury, while Gruenberg served as Chairman of the US Federal Deposit Insurance Corporation.
The SCAV and ReSG are integral parts of FSB's mandate to maintain global financial stability. The ReSG was established in response to a G20 call in 2009 for tools to effectively resolve financial group failures.
The FSB coordinates international efforts among national financial authorities and standard-setting bodies. It comprises national authorities from 24 countries, international institutions, sector-specific regulators, supervisors, and central bank experts. The organization conducts outreach through six Regional Consultative Groups across approximately 70 jurisdictions.
Klaas Knot serves as Chair of the FSB while its Secretariat operates out of Basel, Switzerland under the hosting arrangement with the Bank for International Settlements.