WASHINGTON — The Federal Reserve Board on Wednesday named Michael Gibson as director of its Division of Banking Supervision and Regulation, effective Jan. 1.
Gibson, 45, who has been a deputy director in the Fed's Division of Research and Statistics, will be succeeding Patrick Parkinson who retire after more than three decades with the central bank.
Parkinson, 59, spent the last two years of career in his role as head of bank supervision. He first joined the Fed in 1980 as an economist in the Division of International Finance and worked in variety of senior positions in other divisions, including in Research and Statistics and in Banking Supervision and Regulation.
"Pat has been exemplary leader, helping to build a more multidisciplinary and analytical approach to supervision and regulation, including instituting annual capital planning and stress tests for major financial institutions and helping to forge strong international agreements on bank capital through his participation on the Basel Committee," Fed Chairman Ben Bernanke said in a press release.
Parkinson also advised the chairman on several issues considered by the President's Working Group on Financial Markets from 1993 until 2009, when Parkinson was chosen as director of bank supervision.
The division develops the Fed's regulatory policy and oversees supervision of state member banks; bank, financial, and savings and loan holding companies and their subsidiaries; and the U.S. branches and agencies of foreign banking organization.
"Mike's expert knowledge of risk management and financial markets make him an excellent choice at a time when we are drawing on a wide range of expertise in bank supervision and regulation to focus not just on the health of individual institutions, but on the financial system as a whole," Bernanke said.
In this new role, Gibson will also represent the Fed on the Basel Committee on Banking Supervision and work in close coordination with other U.S. and foreign officials on issues revolving on bank oversight.
Currently, he represents the Basel Committee as co-chair of a working group that is developing a proposal for globally consistent margin requirements on uncleared derivatives. Gibson has also worked with the Fed's staff in support of the Board's participation on the Financial Stability Board.
Gibson began his career at the Fed in 1992 as an economist in the banking section of the Division of International Finance. He holds a Ph.D. in economics from the Massachusetts Institute of Technology and a B.A. In economics from Stanford University.
