FSB appoints Brainard to committee on financial vulnerabilities

The Financial Stability Board appointed Federal Reserve Gov. Lael Brainard to chair its standing committee on the assessment of vulnerabilities.

Brainard, President Biden’s pick to serve as vice chair of the Fed board, chairs the U.S. central bank board’s financial stability committee. It was the central coordinating unit for Chair Jerome Powell’s sweeping rescue of financial markets as the pandemic spread panic in financial markets early last year.

Al Drago/Bloomberg

Brainard’s appointment to the FSB standing committee is for a two-year term, renewable once, it said in a statement on its website Friday. She succeeds Klaas Knot, head of the Dutch central bank, who became chair of the FSB on Dec. 2, it said. Her elevation to Fed vice chair is subject to Senate confirmation.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies. The FSB Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.