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 […]
The Systemic Risk Council is deeply saddened by the news of the passing of our colleague Alice Rivlin, a founding member of the Council. We mourn her passing, in admiration of a life given to public service and with gratitude for her support of our work.
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, […]