As the Senate debates the issues addressed by S. 2155, specifically the leverage ratio, the Systemic Risk Council (SRC) reiterates its previous statement that the leverage ratio should not be altered in ways that create or exacerbate systemic risk. Our most recent statement on this issue, excerpted from a letter to Senators Crapo and Brown […]
WASHINGTON, D.C.—On February 23, 2018, the Systemic Risk Council submitted a comment letter to the United States Department of Treasury (UST) regarding the UST reports issued last October, entitled A Financial System That Creates Economic Opportunities: Capital Markets (Oct. 2, 2017) and A Financial System That Creates Economic Opportunities: Asset Management and Insurance (Oct. 26, […]
WASHINGTON, D.C.—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. “The SRC has decided to put on paper our view of the essential ingredients of a safe and sound financial system,” said Sir Paul Tucker, Chairman […]
WASHINGTON, D.C.—On 19 May 2016, the Systemic Risk Council welcomes Jean-Claude Trichet as its newest member, joining Paul Volcker as a Senior Adviser to the Council. Mr. Trichet, currently Chairman of the Group of 30 Consultative Group on International Economic and Monetary Affairs, served as President of the European Central Bank from 2003 to 2011, […]
WASHINGTON, D.C.—On December 8, 2015, the Systemic Risk Council named Paul Tucker as its new Chair, succeeding Sheila Bair, the Council’s founding Chair from 2012 through 2015, who has assumed the role of Chair Emeritus. Mr. Tucker, currently a Fellow at the John F. Kennedy School of Government at Harvard University, formerly served as Deputy […]
In response to today’s action by the Federal Reserve Board to unanimously approve its proposed “capital surcharge” on the nation’s largest financial institutions, Sheila Bair, chair of the Systemic Risk Council, issued the following statement: “It is gratifying to see that the Governors of the Federal Reserve Board have moved ahead with final rules imposing […]
The Systemic Risk Council has issued the following statement upon the passing of Harvey Goldschmid, a member of the Council: The members and staff of the Systemic Risk Council are deeply saddened by news of the passing of our colleague, Harvey Goldschmid, a member of the Council since its formation and one of its founders. […]
Today, the Systemic Risk Council* released a research paper by Richard Herring and Jacopo Carmassi examining the complexity of the 29 institutions that have been designated as Global Systemically Important Banks (G-SIBs) by the Financial Stability Board in November 2013. Links to the full paper and executive summary are below. The authors found that in 2013 […]
On Friday, December 12, the Systemic Risk Council released the following statement about the repeal of Section 716 in the omnibus spending bill. “We wish to express our strong opposition to including in the omnibus spending bill a repeal of the so-called ‘swaps push-out’ provision of the Dodd-Frank financial reform law. While this provision only […]
“I am pleased to announce that I have agreed to serve as a senior advisor to DLA Piper, a major, global law firm. I will be focusing on its international practice, particularly its public sector clients. I also hope to do compliance monitoring work at the firm. In addition, DLA has a substantial pro bono […]