(Reuters) - The leaders of the Group of 20 leading economies will name Bank of Canada Governor Mark Carney to head the Financial Stability Board on Friday, a senior official said on Thursday.
The Financial Stability Board is the key driving force behind the reform of global financial regulations.
Here are some key facts about Carney:
- Carney, 46, became governor at the Bank of Canada (BoC) in February 2008 for a seven-year term. At the time he was the youngest central bank chief in the Group of Seven industrialized nations.
- His 13-year career with Goldman Sachs armed him with financial markets expertise seen as an asset in navigating the credit crisis and dealing with private banks. After working in the investment bank’s London, Tokyo, New York and Toronto offices, Carney was appointed deputy governor of the BoC in 2003. He left in November 2004 for a senior position in the finance department, which included being the G7 deputy, returning to the bank just over three years later.
- Carney had a highly-publicized clash with JPMorgan Chase (JPM.N) Chief Executive Jamie Dimon in September 2011 during a private meeting with bankers where Dimon argued aggressively against new bank rules. Visibly angry, Carney left the room abruptly. His spokesman later said he had another meeting.
- He has faced occasional criticism at home for forecasts seen as overly optimistic and for not being sufficiently forthright about the bank’s outlook on rates. But he also won praise for his performance during Canada’s the recession and recovery. Under Carney, the BoC cut rates to a historic low and gave unusually explicit guidance on keeping rates at that level for a specific time period, a strategy adopted by the U.S. Federal Reserve in mid-2011.
- In July 2010 Carney was named chairman of the Committee on the Global Financial System (CGFS), a group within the Bank for International Settlements (BIS) in Basel, Switzerland tasked with detecting and responding to vulnerabilities in the global financial system. It is a three-year appointment.
- Time Magazine in 2010 named Carney as one of the world’s most influential leaders for helping keep Canadian banks safe through the global financial crisis.
- Since becoming governor in 2008, Carney has brought in new and relatively young economists to fill almost all the top policy-making positions at the bank. A new adviser hire was David Beers, the top analyst behind Standard & Poor’s August downgrade of the United States.
Reporting by Louise Egan; editing by Janet Guttsman