Sheila Bair to lead private financial risk council

Publication: Reuters

Author: Karey Wutkowski

06/06/2012 —Sheila Bair, who helped steer the U.S. financial system through the recent credit crisis, is forming a new private-sector group called the Systemic Risk Council to try to accelerate reforms.

A former chairman of the Federal Deposit Insurance Corp, Bair will team up with former U.S. Federal Reserve Chairman Paul Volcker, former Commodity Futures Trading Commission Chairman Brooksley Born and other experts to advise current regulators about risks to financial markets.

“As evidenced by the 2008 crisis and even recent headlines, we need a more effective and efficient early-warning system to detect issues that jeopardize the functioning of U.S. financial markets before they disrupt credit flows to the real economy,” Bair said in a statement.

Bair left her FDIC post last year and now is a senior advisor to the Pew Charitable Trusts, which is helping to form the Systemic Risk Council.

Read the full article, Sheila Bair to lead private financial risk council, on the Reuters website.