Not many people know of the Basel Committee on Banking Supervision (BCBS), but it’s a key global standard-setter for financial regulators around the globe. It recently underwent a leadership change, receiving a new Chair (Pablo Hernandez de Cos) in March and a new Secretary General (Carolyn Rogers) in August this year.
They are both deeply experienced professionals who are setting a clear direction for maintaining strong financial reforms. Chair Hernandez de Cos gave an important speech at the IMF meeting in Washington last week that everyone should read: “The Future Path of the Basel Committee: Some Guiding Principles.”
We were fortunate that the new Secretary General had time last week when she was in town for the IMF meetings to come by our offices to discuss those principles and the work of the BCBS. In addition to encouraging the BCBS’ work for many years, we also recently participated in a Financial Stability Board workshop on too-big-to-fail, making this presentation.
The work of the BCBS continues to be of vital importance as the pressure for mindless deregulation of the financial sector continues relentlessly both in the US and around the globe, as Germany’s most senior financial regulator recently pointed out: “German Bank Supervisor Warns of a New Cycle of Deregulation.”