CFA Institute Systemic Risk Council (the Council) recently provided detailed comments on the Basel III proposals from the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation. The Council provides analysis of the so-called endgame to ensure proper framing of capital adequacy, the relationship between capital and lending and why capital improvements since the Global Financial Crisis continue to fall short. The Council offers its support to the agencies’ efforts to implement the Basel III international standards for large banks because; (i) they are an important step in ensuring that large banking organizations are appropriately capitalized, (ii) they improve GFC era reforms and reduce the probability of global financial contagion, (iii) they bolster the ability of our system to withstand severe economic downturns without the need to resort to the use of taxpayer dollars or extraordinary support measures.
Chair: Simon Johnson
SRC Co-Chair and former IMF Chief Economist
Chair: Erkki Liikanen
SRC Co-Chair and Chairman of the IFRS Foundation Board of Trustees
Senior Advisor: Sheila C. Bair
Founding Chair of Systemic Risk Council Former FDIC Chair
Senior Advisor: Jean-Claude Trichet
Former President of the European Central Bank
Members:
Paul P. Andrews
Managing Director, Research, Advocacy, and Standards, CFA Institute. Former Secretary General of the International Organization of Securities Commissions (IOSCO)
Brooksley Born
Former U.S. Commodity Futures Trading Commission Chair
Sharon Bowles
Former Member of European Parliament and Former Chair of the Parliament’s Economic and Monetary Affairs Committee
Bill Bradley
Former U.S. Senator (D-NJ)
Marina Brogi
Full Professor of Banking and Capital Markets at Sapienza University of Rome and a former member of the Securities and Markets Stakeholder Group at the European Securities and Markets Authority (ESMA).
Andreas Raymond Dombret
Former member of executive board Deutsche Bundesbank, founding member of the Supervisory Board of the European Central Bank;' board member Bank of International Settlements
José Manuel González Páramo
Spanish economist who served as a member of the Executive Board of the European Central Bank (ECB), Executive Board member of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), and Executive Board member of Bank of Spain
Jeremy Grantham
Co-founder & Chief Investment Strategist, Grantham Mayo Van Otterloo (GMO)
Richard Herring
The Wharton School, University of Pennsylvania
René Karsenti
Senior Advisor to the International Capital Market Association (ICMA)
Elke König
Former Chair of the Single Resolution Board (SRB)
John S. Reed
Former Chairman and CEO of Citicorp and Citibank
Christina Romer
Professor of the Graduate School at the University of California, Berkeley
Executive Director:
Kurt N. Schacht, JD, CFA