New board oversight will not “lower the bar” – Fed’s Powell
Proposed new regulation will not lower bar for boards or lighten load of directors, says Fed governor
The US Federal Reserve Board’s new approach to overseeing financial firms’ boards will not become more lenient, said Jerome Powell, a member of the board of governors, in a speech on August 30.
“Across a range of responsibilities, we simply expect much more of boards of directors than ever before. There is no reason to expect that to change,” he said.
Powell recalled the reforms implemented after the financial crisis. Managers are now expected to evaluate “the compensation practices of these
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