The US pushes for Randal Quarles to take over as FSB chair - Financial Times

A report by the Financial Times says that Randal Quarles is being tapped by the US as a possible successor Mark Carney as chairman of the Financial Stability Board.

Key highlights:

• Sources believe that US officials are pushing for Randal Quarles to head up the FSB after Carney leaves in December.
• The FSB mostly oversees international financial regulations.
• Quarles would be a major shift, given his proclivity for deregulation.
• The FSB has put in a lot of work creating regulations following the 2008 financial crisis which rocked global markets.
• Quarles was originally tapped by the US to take over the Basel Committee on Banking Supervision from Stefan Ingves.
• White House officials are reportedly pushing Quarles to take a stab at the more influential role at the FSB.
• The current chairman of the FSB, Bank of England governor Mark Carney, was asked to remain at his post until December 2018 following the finish of his tenure.