WASHINGTON, Dec. 8, 2015 /PRNewswire/ -- 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 Governor at the Bank of England and as a member of the G20 Financial Stability Board's Steering Group.
"The Systemic Risk Council has provided a thoughtful and constructive voice for regulatory reform in the interests of ensuring that we have a stable financial system that can serve the economy's needs," said Sir Paul. "I look forward to serving the Council and working with colleagues to continue the important work that Sheila and the Council have undertaken since 2012."
Ms. Bair was the 19th Chairman of the Federal Deposit Insurance Corporation from 2006 through 2011, leading the agency during the financial crisis and the momentous regulatory reforms that followed in its wake. Ms. Bair recently assumed the office of President of Washington College in Chestertown, Maryland.
"I am proud of the Council's contributions to regulatory reform in the United States and abroad, and there is much more to do," said Ms. Bair. "The Council will benefit greatly from Sir Paul's decades of experience as a respected and thoughtful economist, thought leader, and central banker."
Paul Volcker, Former Chairman of the Federal Reserve Board and Senior Advisor to the Systemic Risk Council, said, "Under Sheila's leadership, our Council has become a powerful voice for financial regulatory reform here in the United States. As the baton passes to Sir Paul—who is highly regarded internationally as a leading expert on these issues—I am confident that the Council's work will have an even greater impact on the global stage."
Notes for Editors:
The independent, non-partisan Systemic Risk Council (www.systemicriskcouncil.org) was formed to monitor and encourage regulatory reform of U.S. and global capital markets, with a focus on systemic risk. The Council is funded by the CFA Institute, a global association of more than 125,000 investment professionals who put investors' interests first and set the standard for professional excellence in finance. The statements, documents, and recommendations of the private sector, volunteer Council do not necessarily represent the views of the CFA Institute. The Council works collaboratively to seek agreement on each of its recommendations.
About Paul Tucker:
Paul Tucker was Deputy Governor at the Bank of England from 2009 through 2013. He joined the Bank in 1980 and played a major role during his tenure in many of the most significant developments in the international financial system. Mr. Tucker was a member of the Bank's Monetary Policy Committee, Financial Policy Committee, Prudential Regulation Authority Board, and Court of Directors. He also served as a member of the G20 Financial Stability Board Steering Committee and chaired the FSB's group on resolving large and complex banks. He was a member of the board of the Bank of International Settlements and chaired the Basel Committee on Payments and Market Infrastructure. In 2014, Mr. Tucker was granted a knighthood for his services to central banking. In addition to his role at Harvard University, he currently serves as a Director at Swiss Re, a leading global re-insurer, and was recently elected to the board of the Financial Services Volunteers Corps (FSVC).
SOURCE Systemic Risk Council