Fed's Quarles lays out new vision for Financial Stability Board.

The article reports that U.S. Federal Reserve Chairman for Supervision Randal Quarles wants the Financial Stability Board (FSB) to explain the rationale behind its financial benchmarks while establishing new ones to address possible threats. Quarles emphasizes the task of the FSB in relation to the post-crisis Basel III accords. He suggests a way the board can be more open and transparent. Quarles also states the importance of the quality and credibility of the FSB's evaluation work.