Melvyn Krauss, Columnist

Don’t Put Trump’s Fox Into Financial Regulation Henhouse

The U.S. choice to head the Financial Stability Board wouldn’t have the independence needed to press banks on reforms.

November 13, 2018 at 5:01 AM UTC

Corrected

November 13, 2018 at 1:21 PM UTC

Melvyn Krauss is a senior fellow at the Hoover Institution at Stanford University and an emeritus professor of economics at New York University.

Not a great approach to global financial regulation.
Photographer: Jeff Swensen/Getty Images

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It seemed like good news for the global economy when Randal Quarles, the Federal Reserve’s vice chair for supervision, was put up by the U.S. to chair the Financial Stability Board, the watchdog that insures that international financial institutions keep to the reforms they promised after the 2008 financial crisis.

Quarles is a well-regarded moderate Republican with a strong international orientation, who clearly understands the value of multilateralism.