Andrew Bailey Tapped to Lead Global Financial Watchdog as FSB Chair Amid Rising Crypto Oversight

Bank of England Governor Andrew Bailey has been nominated to chair the Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system. If confirmed, Bailey will begin his three-year term in July 2025, succeeding Klaas Knot, President of the Dutch central bank.

Bailey has been a member of the FSB’s governing body since 2018 and currently chairs its Standing Committee on Supervisory and Regulatory Cooperation. In this role, he has overseen the development of the FSB’s global regulatory framework for crypto-asset activities and the implementation roadmap for crypto-assets.

The FSB has played a pivotal role in formulating international standards for the regulation of crypto-assets and global stablecoin arrangements. In July 2023, the organization finalized its recommendations aimed at addressing potential threats to financial stability posed by these digital assets.

Bailey’s nomination comes at a time when the global financial system faces challenges, including financial instability triggered by new U.S. tariffs introduced by President Donald Trump and growing concerns over non-bank financial institutions. Bailey emphasized the importance of strong regulatory standards and international cooperation to maintain financial stability.

Francois Villeroy de Galhau, Governor of the Bank of France and chair of the FSB’s Nomination Committee, endorsed Bailey’s appointment, stating that he possesses the leadership, expertise, and vision necessary to guide the FSB in achieving its objectives.

Bailey’s extensive experience in financial regulation, including his tenure as chief executive of the Financial Conduct Authority before becoming Governor of the Bank of England in 2020, positions him well to lead the FSB during a period of rapid change in the global financial landscape. His leadership is expected to be instrumental in addressing emerging challenges and ensuring the stability of the international financial system.