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US regulator could become next Bank of England chief

Low angle view of the main facades of the Bank of England and London Stock Exchange and the London Troops memorial at Bank Junction in the City of London. London.Former US Commodity Futures Trading Commission chairman Christopher Giancarlo may be eyeing up the top job at the Bank of England, according to reports.

With incumbent governor Mark Carney’s term due to come to an end at the beginning of 2020 after an extension to support a smooth Brexit process, potential candidates are lining up for the role.

Reports had suggested current FCA chief executive and former Prudential Regulation Authority boss Andrew Bailey could be in line for the position, but sources have now told Financial News that American regulator Giancarlo was considering following in Canadian-born Carney’s footsteps.

At the time of writing neither Bailey nor Giancarlo had commented publicly on whether they would accept the role, but the Times reports that, as Britain prepares to leave the EU, the paper understands prime ministerial hopeful Boris Johnson would warm to a seasoned foreign candidate with international experience and clout.

Giancarlo became familiar with the EU and the Bank of England during his two year tenure running the US CFTC during discussions over whether British and American clearing houses should be subject to tighter controls.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 2nd July 2019 at 10:08 am

    Given the fact that a cross-party committee of 16 MP’s has called for his resignation and Nicky Morgan is giving him a richly deserved grilling for the FCA’s various failures to do its job properly, Andrew Bailey’s prospects for being appointed to the post of governor of the BoE must surely be pretty slim. When he does go, it’ll be pretty hard for him to claim that he’ll be leaving the FCA in a better state than it was when he first took office in the wake of Martin Wheatley having been given the order of the boot by George Osborne. Some might say it’s now even worse.

  2. Makes sense as the 51st state after Brexit.

  3. I think Mark Carney has done a good job, and with this in mind Christopher could well do the same ?

    As for Bailey …. well his term at the FCA has been apathetic, and that’s being very kind, for me the only tools he has in is rucksack is, a long list of failures, tea caddy, and your best brand rich tea biscuits, the only bloke I know who is taller sitting down, due to the size of his wallet.

    • for got to add …..

      Can you imagine Bailey sitting at the end of the BOE meeting table (doing a very bad Chairman Mao impression) doing one of the most important jobs in the UK ? seriously hahahaha

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