CFA Institute Systemic Risk Council

Private sector, non-partisan body of former government officials and financial and legal experts committed to addressing regulatory and structural issues relating to global systemic risk.

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    • Systemically Important Financial Institutions
    • Office of Financial Research (OFR)
    • Money Market Funds
    • Improving Financial Regulation
    • Bank Capital Requirements
  • Recent Actions
    • CFA Institute Systemic Risk Council Writes in Support of the US SEC Proposed Rules for Open-end Funds
    • CFA Institute Systemic Risk Council Writes in Support of the US SEC Proposed Rules for Money Market Funds
    • CFA Institute Systemic Risk Council Adds New European Members
    • CFA Institute Systemic Risk Council Urges FSOC to Address the Risks to U.S. Financial Stability Posed by Unregulated and Underregulated Stablecoins
    • CFA INSTITUTE SYSTEMIC RISK COUNCIL ANNOUNCES REORGANIZATION
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    • CFA Institute Systemic Risk Council Publishes 2022 Annual Report
    • CFA Institute Systemic Risk Council Publishes Fall Newsletter
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    • CFA Institute Systemic Risk Council Q2:2022 Newsletter
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Bank Capital Requirements

There is broad agreement that stronger capital requirements will give us a much more resilient financial system and tame risk taking by forcing financial institutions to put more of their own ‘skin in the game’. This will help reduce volatility, sustain growth, and keep employment high. While we applaud recent efforts by US and international […]

Improving Financial Regulation

The Systemic Risk Council is committed to addressing regulatory and structural issues relating to systemic risk in the United States. The goal is to help ensure a financial system in which we can all have confidence.  It is essential that policymakers show leadership through a strong and coordinated rule-writing process that promotes the development of […]

Money Market Funds

Money market funds are used as “cash management” products – often as bank deposit substitutes – that, like deposits, are redeemable on demand.  Unlike deposits, however, they have no capital, no insurance, no access to Federal Reserve liquidity and no legal requirements that their parent companies operate as a “source of strength.”  While the value […]

Office of Financial Research (OFR)

To provide direct support to the FSOC, Congress created the Office of Financial Research (OFR) and instilled in it vital responsibilities for systemic data collection and analysis. The OFR was specifically given responsibility for, among other things, collecting information from agencies represented by the FSOC members, other federal and state regulatory agencies, the Federal Insurance […]

Systemically Important Financial Institutions

To help avoid a repeat of the 2008 financial crisis where risk-taking in the “shadow sector” caused widespread damage to the financial system, the Dodd-Frank Act charges the FSOC with identifying systemically important nonbank financial institutions (SIFIs) for heightened oversight by the Federal Reserve.  In addition, the Act charges the FSOC with making recommendations to the Federal […]

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

Kurt N. Schacht, JD, CFA

Executive Director, CFA Institute Systemic Risk Council

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

William Donaldson

Former U.S. SEC Chair

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

Ira Millstein

Senior Partner, Weil Gotshal & Manges LLP

John S. Reed

Former Chairman and CEO of Citicorp and Citibank

Former SRC Members

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