Sir Paul Tucker, Former Deputy Governor of the Bank of England and Chair of the Systemic Risk Council, recently spoke with Börsen-Zeitung on the state of the global financial system and financial stability policy. The risk of a global financial crisis over the next three to five years is “certainly not negligible,” according to Tucker. […]
On February 27, 2017, the Systemic Risk Council released a policy statement to the finance ministers, governors, chief financial regulators, and legislative committee leaders of the G20 countries. In its statement, the SRC expressed its support for maintaining minimal international standards in global financial reform measures. In the wake of unresolved debates at the global […]
On October 15, 2016, the Systemic Risk Council submitted a comment letter to the Financial Stability Board (FSB) on its recent Consultative Document, in which the FSB proposed policy recommendations intended to address structural vulnerabilities in the asset management industry. In its letter, the Council expressed its support for the FSB’s work on potential risks […]
On 1 June 2016, Sir Paul Tucker delivered the keynote address at the Finance Watch Conference in Brussels. Sir Paul’s speech, entitled “Reform as Precondition for Competition and Innovation,” highlights the membership, mission, and important work of the Council in providing a needed, independent voice for financial stability. He observes that desirable competition and innovation […]
On April 14, 2016, the Systemic Risk Council submitted a comment letter to Janet Yellen, Chair of the Board of Governors of the Federal Reserve System (the “Fed”), commenting on the recent proposed rulemaking introducing total loss-absorbing capacity (“TLAC”) and long-term debt (“LTD”) requirements aimed at minimizing the disorder from the failure of large and […]
On January 13, 2016, the Systemic Risk Council issued a letter to the US Securities and Exchange Commission (SEC) in response to proposed rulemaking regarding how open-end mutual funds manage liquidity risk. In its letter, the Systemic Risk Council cites the proposed rules as an important initiative and recognition of the potential adverse effects on […]
On Tuesday, September 8, the Systemic Risk Council submitted a letter to Janet Yellen, Chairman of the Board of Governors of the Federal Reserve System, and Martin J. Gruenberg, Chairman of the Federal Deposit Insurance Corporation, commenting on the recent release of public “living will” disclosures for 12 large financial firms in accordance with the […]
On May 20, the Systemic Risk Council sent a letter to Senator David Vitter (R-LA), offering strong support for his amendment to the “Financial Regulatory Improvement Act of 2015”, which would strengthen equity capital requirements applicable to the largest financial institutions. The letter states that the Council “has long supported stronger, simpler capital requirements for large, complex institutions, […]
On Wednesday, March 25, the Systemic Risk Council responded to a request for comment by the Financial Stability Oversight Council (FSOC) about asset management products and activities. The letter states: “We commend the FSOC for undertaking a comprehensive review of the asset management industry, consistent with its statutory responsibilities to identify and address systemic risks. […]
On Monday, March 2, the Systemic Risk Council submitted a letter to the Board of Governors of the Federal Reserve System, supporting the Board’s recent proposal of a risk-based capital surcharge for U.S. bank holding companies identified as global systemically important banking organizations (G-SIBs) and calling for the proposal to be strengthened in several key […]