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Ref: 10/2025

  • The Financial Stability Board (FSB) has appointed Randal K. Quarles to chair a high-level group tasked by the G20 with conducting a strategic review of the FSB’s implementation monitoring work.
  • With key reforms developed or nearing completion, the appointment reflects the FSB’s greater focus on promoting and monitoring implementation.
  • The group will assess 15 years of reform implementation, evaluate the effectiveness of the FSB’s tools and processes, and provide recommendations for improvement.

The Financial Stability Board (FSB) has appointed Randal K. Quarles, former FSB Chair and former Vice Chairman for Supervision of the US Federal Reserve Board, to lead a high-level group established at the request of the South African G20 Presidency to review how the FSB monitors implementation of the G20 reforms.

Monitoring the implementation of the G20 financial reforms is a core responsibility in the FSB’s charter. With key reforms developed or nearing completion, the FSB is placing greater focus on promoting and monitoring implementation. The strategic review will assess the effectiveness of the monitoring of post-global financial crisis regulatory reforms and identify areas where the FSB can make improvements in the tools it uses to encourage the consistent, global implementation of agreed reforms.

“Developing policies is not enough. A stable global financial system also requires consistent policy implementation,” said FSB Chair Klaas Knot. “With his exceptional experience in the financial sector and deep understanding of international policymaking, Randy is uniquely qualified to lead this strategic review.”

“I am honoured to assume the role of Chair for this important group,” said Randal Quarles. “At a time when thoughtful international regulatory engagement is essential, I look forward to leading a balanced and independent review—one that advances practical reforms and encourages their collegial and effective implementation.”

The group will deliver an interim report to the G20 in October, which will include a review of the history of reform implementation. Its final report, expected in 2026, will assess the FSB’s implementation monitoring tools and processes to date and provide any recommendations to fulfil the G20’s request.

Notes to editors

Randal Quarles is Chairman and founder of The Cynosure Group, an alternative asset and wealth advisory firm. From October of 2017 through October 2021, Mr. Quarles was Vice Chairman of the Federal Reserve System, serving as the system’s first Vice Chairman for Supervision, charged with ensuring stability of the financial sector. From December 2018 until December 2021, he also served as the Chairman of the Financial Stability Board. He was a key architect of the Fed’s crisis response in March of 2020, credited with maintaining the function of the US and global financial systems, as described in the books Limitless and Trillion Dollar Triage. Earlier in his career, Mr. Quarles was a long-time partner at The Carlyle Group, a leading global private equity firm, and before that a partner at the international law firm of Davis Polk & Wardwell, where he was co-head of their financial services practice. Mr. Quarles has been a close advisor to every Republican Treasury Secretary for the last 35 years, including as Under Secretary of the Treasury in the Bush ’43 Administration. He has represented the United States in meetings of the Group of Seven, Group of Twenty, and Financial Stability Forum, and was also US Executive Director of the IMF.

As part of its mandate, the FSB coordinates and oversees the monitoring of the implementation of agreed financial reforms and its reporting to the G20. This includes reporting on members’ commitments and progress in implementing international financial standards and other policy initiatives; conducting peer reviews of FSB members (which are an obligation of membership); and encouraging global adherence to prudential regulatory and supervisory standards.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.