Fed’s Quarles defends FSB from US critics
Supervision chief says FSB is not a threat to sovereignty and helps solve collective problems
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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