The Financial Stability Board (FSB) has appointed Randal K. Quarles to lead a strategic review group tasked by the G20. This group will assess how the FSB monitors the implementation of G20 financial reforms. The appointment comes as key reforms are either developed or nearing completion, indicating the FSB's increased focus on promoting and monitoring these implementations.
Randal K. Quarles, who previously served as FSB Chair and Vice Chairman for Supervision of the US Federal Reserve Board, was chosen to head this high-level group at the request of the South African G20 Presidency. The group's primary objective is to evaluate 15 years of reform implementation, determine the effectiveness of current tools and processes, and recommend improvements.
"Developing policies is not enough. A stable global financial system also requires consistent policy implementation," stated FSB Chair Klaas Knot. He added that Quarles' experience in the financial sector makes him well-suited for this role.
Quarles expressed his commitment by saying, "I am honoured to assume the role of Chair for this important group." He emphasized his goal to conduct a balanced review that promotes practical reforms and their effective implementation.
An interim report from this group is expected in October, reviewing reform implementation history. The final report will be released in 2026, assessing current monitoring tools and processes with recommendations for improvement.
Randal Quarles brings extensive experience to this role. He is Chairman and founder of The Cynosure Group and served as Vice Chairman of the Federal Reserve System from October 2017 through October 2021. During his tenure at the Fed, he played a significant role in crisis response efforts in March 2020.
The FSB's mandate includes coordinating international efforts among national financial authorities and standard-setting bodies to ensure global financial stability. It involves reporting on member commitments regarding international standards and conducting peer reviews among its members.
The FSB Secretariat operates out of Basel, Switzerland under Klaas Knot's chairmanship with support from various international institutions and committees focused on maintaining global financial stability.