Fed Governor Bowman said in remarks on modernizing financial regulation that the
Financial Stability Board (FSB) has completed a comprehensive assessment of
modernization work by its members and standard‑setting bodies. Reforms have
broadly advanced and target common objectives: keeping the regulatory framework
forward‑looking to address current and emerging material risks; enhancing
targetedness and proportionality; reducing unnecessary compliance burden;
promoting responsible innovation; leveraging data and technology for
supervision; and supporting economic growth. The FSB plans to publish a public
consultation report this autumn and will submit the outcome to the G20 as a
milestone of collective commitment.
