The Financial Stability Board (FSB) has appointed new chairs for two of its Standing Committees following the departure of their predecessors.

Tiff Macklem, governor of the Bank of Canada, has been appointed as chair of the Standing Committee on Assessment of Vulnerabilities (SCAV). The SCAV monitors and assesses vulnerabilities in the global financial system and proposes to the FSB Plenary actions needed to address them.

Dominique Laboureix, chair of the Single Resolution Board, has been appointed as chair of the Resolution Steering Group (ReSG). The ReSG is the primary global forum for the development of global standards and guidance for resolution regimes and for recovery and resolution planning for systemically important financial institutions.

Both appointments are effective from 4 March 2025 and are for a two-year term, renewable once.

On the committee appointments, FSB chair Klaas Knot said, “At a time when the financial landscape is rapidly evolving, identifying and addressing vulnerabilities is paramount to maintaining global financial stability. The 2023 banking turmoil underscored the importance of our work on both the assessment of vulnerabilities and resolution. Tiff and Dominique’s extensive experience makes them invaluable for these roles and I look forward to working with them both.”

Knot thanked the outgoing chairs, Nellie Liang, former undersecretary for domestic finance, US Department of the Treasury, and outgoing chair of SCAV, and Martin J. Gruenberg, former chairman of the US Federal Deposit Insurance Corporation, and outgoing chair of ReSG, for their leadership and contributions to the FSB’s work.

Re-disseminated by The Asian Banker