The Chancellor of the Exchequer, Philip Hammond, has today announced the appointment of Professor Anil Kashyap as an external member of the Financial Policy Committee (FPC).
This appointment fills the external position on the FPC created by the Bank of England and Financial Services Act 2016, which increased the number of external members of the FPC from four to five.
Anils term on the FPC will begin on 1 October 2016 for a period of three years.
The Chancellor said:
I am very pleased to announce the appointment of Professor Anil Kashyap as an external member of the Financial Policy Committee. 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 Committees reputation as an effective and credible macroprudential authority.
Anil K. Kashyap is the Edward Eagle Brown Professor of Economics and Finance at the University of Chicago Booth School of Business where he teaches classes on central banking and financial crises. His research focuses monetary policy, financial intermediation and regulation and business cycles. Prior to joining the Chicago Booth faculty in 1991, Kashyap spent three years as an economist for the Board of Governors for the Federal Reserve System. He currently works as a consultant for the Federal Reserve Bank of Chicago and as a Research Associate for the National Bureau of Economic Research (NBER). He is a member of both the American Economic Association and American Finance Association. He graduated from the University of California at Davis in 1982 with a bachelors degree in economics and statistics, and he earned a PhD from the Massachusetts Institute of Technology in 1989.
The Financial Policy Committee (FPC), established on 1 April 2013 by the Financial Services Act 2012, is a vital part of the governments new system of financial regulation. The FPC is the UKs macroprudential regulator: its objective is to protect and enhance the stability of the UKs financial system by identifying, monitoring and addressing systemic risks. The FPC works with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to address risks to the system as a whole, while the PRA and FCA have responsibility for microprudential and conduct regulation of individual firms, respectively.