By Lisa Lee and Shahien Nasiripour — Bloomberg A long-running clash over the ability of Wall Street banks to weather hard times and still pay shareholder dividends is gaining urgency as the number of Covid-19 cases ticks up and economic data remain gloomy. Critics, including a number of government and Federal Reserve veterans of the […]
The Systemic Risk Council is deeply saddened by the news of the passing of our colleague, former US Treasury Secretary Paul O’Neill. A founding member of the Council, he was committed to establishing a much more resilient banking system. We mourn his passing, with gratitude that he gave his support to our work.
STATEMENT BY THE SYSTEMIC RISK COUNCIL ADDRESSED TO G20 FINANCE MINISTERS AND GOVERNORS ON MEASURES TO CONTAIN ECONOMIC AND FINANCIAL CRISIS The Systemic Risk Council (SRC) makes the following statement on the response of the financial and economic authorities to the economic elements of the current pandemic health crisis. Unlike 2007/08, this is not a […]
Today, the Systemic Risk Council announced that Jeremy Stein, Chairman of the Department of Economics at Harvard University and former member of the Board of Governors of the Federal Reserve System, has become a member. Welcoming the appointment, SRC Chair Paul Tucker said “I am absolutely delighted that Jeremy Stein is joining the Systemic Risk […]
Washington, D.C. December 11, 2019 It is with the most enormous sadness that members of the Systemic Risk Council have heard that Paul Volcker has passed away. His contributions to public life, for the US and the world, are beyond measure. While most famous for taming inflation, Paul’s commitment to a stable financial system was […]
Today, the Systemic Risk Council announced that Erkki Liikanen, Chairman of the IFRS Foundation Board of Trustees and former Governor of the Bank of Finland, has become a member. Welcoming the appointment, SRC Chair Paul Tucker said “I am absolutely delighted that Erkki Liikanen is joining the Systemic Risk Council. Being able to draw on […]
Today, the Systemic Risk Council announced that Darrell Duffie, of Stanford University, has become a member. Welcoming the appointment, SRC Chair Paul Tucker said “I am absolutely delighted that Darrell is joining the Systemic Risk Council. His remarkable combination of deep theoretical and practical knowledge will be invaluable in pursuing the Council’s mission of doing […]
The Systemic Risk Council has today strongly urged the Federal Reserve Board and the Federal Deposit Insurance Corporation not to proceed with their proposals to relax resolution-planning requirements for the large regional US banks that are not globally systemic. Over recent months, the Fed and the FDIC have published proposals that, taken together, would relax […]
In March this year, the Financial Stability Oversight Council proposed amendments to its interpretive guidance on the supervision and regulation of certain non-bank financial companies. Paul Tucker, chair of the Systemic Risk Council, and Amias Moore Gerety, partner at QED, join Mark Sobel, US chairman of OMFIF, to discuss their views on the matter. They […]
WASHINGTON, D.C., May 21, 2019 The Systemic Risk Council urges the U.S. Treasury and other members of the Financial Stability Oversight Council to abandon their 6 March proposal to marginalize their power to designate individual non-bank financial firms as systemically significant. The proposed guidance, while framed in terms of setting preconditions for when the FSOC […]