FSB chief Quarles hints at possible scale-back of global reforms

13 February 2019 9:35am
Randal Quarles, the new head of the Financial Stability Board, signaled that he might try to dial back international post-crisis standards, a strategy he has taken with bank capital requirements at the US Federal Reserve.

Quarles’s inaugural speech at the global standard-setter said the FSB should introduce efficiency considerations to its evaluation of systemic-risk reforms.

“Can we achieve a strong level of financial resilience with reforms that are more efficient, simple, transparent and tailored?” he asked Sunday during a Hong Kong speech.* “If so, we owe it to everyone affected by the policies recommended by the FSB to try, because there is a strong public interest in the efficiency of the financial sector, just as there is in its safety and soundness".