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Ref: 6/2025

  • Tiff Macklem, Governor of the Bank of Canada, appointed as Chair of the FSB Standing Committee for the Assessment of Vulnerabilities (SCAV).
  • Dominique Laboureix, Chair of the Single Resolution Board, appointed as Chair of the Resolution Steering Group (ReSG).
  • Both appointments are effective as of 4 March 2025.

The Financial Stability Board (FSB) has appointed the chairs of two of its Standing Committees, following the departures of the previous chairs:

  • Tiff Macklem, Governor of the Bank of Canada, has been appointed as Chair of the Standing Committee on Assessment of Vulnerabilities (SCAV). The SCAV monitors and assesses vulnerabilities in the global financial system and proposes to the FSB Plenary actions needed to address them.
  • Dominique Laboureix, Chair of the Single Resolution Board, has been appointed as Chair of the Resolution Steering Group (ReSG). The ReSG is the primary global forum for the development of global standards and guidance for resolution regimes and for recovery and resolution planning for systemically important financial institutions. 

Both appointments are effective from 4 March 2025 and are for a two-year term, renewable once.

On the committee appointments, FSB Chair, Klaas Knot said “At a time when the financial landscape is rapidly evolving, identifying and addressing vulnerabilities is paramount to maintaining global financial stability. The 2023 banking turmoil underscored the importance of our work on both the assessment of vulnerabilities and resolution. Tiff and Dominique’s extensive experience makes them invaluable for these roles and I look forward to working with them both.”

Klaas Knot also thanked the outgoing Chairs, Nellie Liang (former Under Secretary for Domestic Finance, US Department of the Treasury, and outgoing Chair of SCAV) and Martin J. Gruenberg (former Chairman of the US Federal Deposit Insurance Corporation, and outgoing Chair of ReSG), for their leadership and contributions to the FSB’s work.

Notes to editors

Tiff Macklem was appointed Governor of the Bank of Canada on 3 June 2020. He served as Chair of the FSB Standing Committee on Standards Implementation from 2009 to 2013, in his position as Senior Deputy Governor of the Bank of Canada. He replaces Nellie Liang who stepped down from the US Treasury Department in January 2025.

Dominique Laboureix was appointed Chair of the Single Resolution Board in January 2023. He replaces Martin J. Gruenberg who retired from the US Federal Deposit Insurance Corporation in January 2025.

The FSB Standing Committees have been established by the FSB Plenary to each take forward part of the FSB’s mandate. Their mandates are set out in the FSB Charter, and their current memberships are available here. 

The Resolution Steering Group (ReSG) was established in 2010 in response to a call from G20 Leaders at the 2009 Pittsburgh Summit for the development of “tools and frameworks for the effective resolution of financial groups to help mitigate the disruption of financial institution failures and reduce moral hazard in the future”. ReSG’ s initial mandate was to draft the Key Attributes of Effective Resolution Regimes for Financial Institutions (‘Key Attributes’) to help build a common policy framework that countries could use to develop resolution regimes enabling authorities to manage the failure of systemically important financial institutions.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.