Bank of Canada Governor Mark Carney has been appointed by the G20 leaders to chair the Financial Stability Board. Carney will continue to serve as Bank of Canada governor. Carney spent 13 years as an investment banker with Goldman Sachs, working in London, New York, Tokyo and Toronto and is considered well-positioned to oversee the industry.
Carney’s main challenge will be to identify potential risky actions by the world’s largest financial institutions to prevent a repeat of the actions that lead to the global economic meltdown in 2008. Carney has a reputation for being direct and forth-right – a trait he has displayed on more than one occasion since being named Chairman last year to a committee on financial stability at the Bank for International Settlements, of which the FSB is a part.
“If some institutions feel pressure today,” Carney told an audience at the Institute of International Finance in Washington, “it is because they have done too little for too long, rather than because they are being asked to do too much, too soon.”