Fed’s Quarles defends FSB from US critics

Randal Quarles
Randal Quarles
Federal Reserve

The Federal Reserve’s vice-chair for supervision has come to the defence of the Financial Stability Board, denying that the global body threatens the sovereignty of its members.

Randal Quarles told a gathering of community bankers the FSB has “no enforcement powers, no legal authority to command its members to do anything” and no authority “to induce action based on contractual obligations”.

He praised the group’s ability to solve collective action problems, saying the US could not have taken

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