Finance Minister Joe Oliver appointed Jeremy Rudin, his department’s top aide on finance sector issues, as the new federal bank regulator.
Rudin, who ran the department’s financial sector policy branch, will take over from current Superintendent of Finance Institutions Julie Dickson on June 29, according to a statement from the finance department posted on its website. The appointment is for seven years.
The appointment marks the latest change among the group that shepherded the world’s 11th largest economy through the global financial crisis with less upheaval than most industrialized nations. Rudin will add to policy making continuity, Oliver said in the statement
Rudin “has extensive direct experience in the oversight of financial institutions, financial system stability and financial markets,” Oliver said. “He played an important role in Canada’s response to the global financial crisis. These skills and knowledge will be an asset in this critical position.”
In the past year, three of the country’s six biggest banks have new or incoming CEOs, and Canadian Imperial said its top executive will retire within two years. Central banker Mark Carney and finance minister Jim Flaherty left during that period, replaced by Stephen Poloz and Joe Oliver, respectively.
“Jeremy Rudin’s experience at the Department of Finance, particularly providing policy advice through the financial crisis, has provided him with a strong and unique perspective for the role of superintendent,” Toronto-Dominion Bank Chief Executive Officer Ed Clark said in an e-mailed statement. “He will have the opportunity to continue the strong global reputation that OSFI has maintained under Julie Dickson’s leadership.”
Rudin, who became assistant deputy minister in 2008, worked with both Flaherty and Carney during the financial crisis.
“He’s an incredibly bright and dedicated public servant, who knows the issues well,” Tom Flynn, chief financial officer at Bank of Montreal (BMO), said in an e-mailed statement. “This is an excellent appointment.”
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