Financial Stability Board Names New Chair and Vice Chair

The Financial Stability Board ("FSB") named Randal K. Quarles as its new Chair and Klaas Knot as its new Vice Chair. The FSB is an international organization established in April 2009 to promoteinternational financial stability. The FSB coordinates national financial authorities and international standard-setting bodies to develop regulatory, supervisory and financial sector policies.

Mr. Quarles is Vice Chair for Supervision at the Federal Reserve Board ("FRB"). His term at the FRB will end on October 13, 2021.

Mr. Knot has been the President of De Nederlandsche Bank ("DNB") since July 1, 2011, and was reappointed for a second seven-year term starting on July 1, 2018. Prior to being DNB President, Mr. Knot was Deputy Treasurer-General and Director of Financial Markets at the Dutch Ministry of Finance from 2002 to 2011.

Mr. Quarles and Mr. Knot will each serve for a three-year term beginning on December 2, 2018.