Professor Anil Kashyap joins the FPC as an external member after teaching at universities in the US, as well spending three years as an economist for the board of governors for the Federal Reserve System.
Professor Kashyap’s appointment, which will begin on 1st October for a period of three years, fills the external position on the FPC which was created by the Bank of England and Financial Services Act 2016.
Mr Hammond was pleased to welcome Professor Kashyap to the FPC adding: “Anil is a highly-respected academic and is widely regarded as one of the leading experts on financial risk.
“His experience and insight will play an important role over the next three years in maintaining the Financial Policy Committee’s reputation as an effective and credible macroprudential authority.”
The FPC is a vital part of the government’s new system of financial regulation and its objective is to protect as well as enhance the stability of the UK’s financial system by identifying, monitoring and addressing systematic risks.
It also works with the Prudential Regulation Authority and Financial Conduct Authority to address risks to the system as a whole.
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