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The Financial Stability Board appoints new chairs of key committees

The Financial Stability Board appoints new chairs of key committees
30-03-23 / Tau kaVodloza

The Financial Stability Board appoints new chairs of key committees

Basel - The Financial Stability Board (FSB) has appointed the chairs of two of its Standing Committees, following the departures of the previous chairs:

Ms Nellie Liang, Under Secretary for Domestic Finance, US Department of the Treasury, has been appointed as Chair of the Standing Committee on Assessment of Vulnerabilities (SCAV), as from 17 March 2023. The SCAV monitors and assesses vulnerabilities in the global financial system and proposes to the FSB Plenary actions needed to address them.

Nellie Liang was confirmed as the Under Secretary for Domestic Finance at the US Treasury Department on 15 July 2021, and shortly thereafter became the FSB member for the US Treasury. She was actively engaged in FSB work when she was Director of the Division of Financial Stability at the Federal Reserve Board. Nellie replaces Lael Brainard who resigned from the Federal Reserve Board in February 2023.

Mr Ryozo Himino, Deputy Governor, Bank of Japan, has been appointed as Chair of the Standing Committee on Standards Implementation (SCSI), as from 24 March 2023. The SCSI undertakes the FSB peer reviews of its members; encourages global adherence to international financial standards; reports on members’ progress in implementing these standards and other agreed G20 and FSB commitments; and evaluates the effectiveness of G20 and FSB financial sector reforms.

Ryozo Himino was confirmed as Deputy Governor at the Bank of Japan on 20 March 2023. He served as Chair of the FSB Standing Committee on Supervisory and Regulatory Cooperation from 2019 to 2021, when he was the Vice Minister and then Commissioner, Japan Financial Services Agency. He replaces Fahad Almubarak, whose term as Governor of the Saudi Central Bank ended on 2 February 2023.

The FSB Standing Committees have been established by the FSB Plenary to each take forward part of the FSB’s mandate, and their mandates are set out in the FSB Charter. Each appointment is for a two-year term, renewable once.

The Plenary thanked the outgoing Chairs, Lael Brainard (former Vice Chair of the Federal Reserve Board, and outgoing Chair of SCAV) and Fahad Almubarak (former Governor of the Saudi Central Bank and former Chair of SCSI), for their exemplary leadership of their committees.

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