Andrew Bailey from the Bank of England Nominated to Chair G20's Financial Stability Board

Overview

Andrew Bailey, the Governor of the Bank of England, has been selected as the candidate to lead the Financial Stability Board (FSB), which oversees financial regulations for the G20.

Key Points

The FSB’s Nomination Committee has recommended Bailey for a three-year position beginning in July.
The G20 has entrusted the FSB with developing a regulatory framework for cryptocurrencies.

In July 2023, the FSB finalized its regulatory recommendations regarding cryptocurrency and global stablecoins, highlighting their potential threats to financial stability.

Bailey is currently leading the FSB’s Standing Committee on Supervisory and Regulatory Cooperation, involved in establishing regulations pertaining to crypto-assets. Klaas Knot, President of De Nederlandsche Bank and FSB Chair, expressed confidence in Bailey’s ability to advance the FSB’s initiatives effectively. Since taking office in 2020, Bailey has been active in exploring digital currencies and stablecoin regulations.