A top official at Canada’s banking regulator, Carolyn Rogers, has been chosen as the next secretary-general of the Basel Committee on Banking Supervision (BCBS) – the first time a Canadian has held the role.
Ms. Rogers is assistant superintendent of the regulation sector at Canada’s Office of the Superintendent of Financial Institutions, and already represents the regulator on the Basel Committee. She will take a leave of absence from OSFI to assume her new post in August for an initial three-year term, succeeding outgoing secretary-general William Coen. She will also serve as chair of the Committee’s policy-development group.
The Basel Committee is a standard-setter for international banking regulation, with a mandate to improve global financial stability. Formed in 1974, the Swiss-based committee gained prominence after the 2008 financial crisis, when it became apparent that banks around the world had too much leverage and too little liquidity to guard against shocks to the financial system. Since then, the BCBS has gradually rewritten international standards to require banks to hold more capital and liquidity as buffers in times of stress.
Ms. Rogers has played a major role in shaping Canadian banking policy. Of late, she has been a vocal proponent and defender of prominent policy changes, including to mortgage underwriting rules with the introduction of a contentious stress test that has made it more difficult for some borrowers to qualify for loans. She took up her current position at OSFI in 2016, after six years as superintendent and chief executive officer at B.C.'s Financial Institutions Commission.
Ms. Rogers was not available to comment.
Basel Committee chairman Pablo Hernandez de Cos, who is also governor of the Bank of Spain, described Ms. Rogers as “an active and highly respected member of the Basel Committee" and praised her “in-depth understanding of the Basel Committee and leadership skills."
As secretary-general, Ms. Rogers will work alongside Mr. Hernandes de Cos and European Central Bank president Mario Draghi, who chairs the group of central-bank governors that oversees the Basel Committee.
“While this will be a loss for OSFI, it will be a major gain for the BCBS, the international regulatory community, and for Canada,” OSFI superintendent Jeremy Rudin said.
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