The Financial Stability Board released its 2020 work program today. Next year, the FSB expects to tackle fintech developments worldwide, including the growing role of big tech firms in finance; the development of so-called “stablecoins,” virtual currencies pegged to real assets to minimize volatility; innovation to remove friction in cross-border payments; and the transition away from the London Interbank Offered Rate to new benchmarks.
The FSB will also continue its work evaluating the post-financial crisis regulatory framework, including reviewing the effects of reforms to ensure no bank is too big to fail and policies affecting money market mutual funds. The Basel, Switzerland-based FSB is made up of regulatory and market authorities in 25 jurisdictions worldwide and chaired by Federal Reserve Vice Chairman for Supervision Randal Quarles.