William Coen has been appointed secretary general of the Basel Committee, a body of global banking regulators, which is phasing in tougher capital requirements for lenders in the wake of the 2007-09 financial crisis. Coen has held several positions with the U.S. Federal Reserve System and is currently deputy secretary general of the Basel Committee, a position he has held for the past seven years. He will take up his new role in June, replacing Wayne Byres who is becoming chairman of the Australian Prudential Regulation Authority, the Basel Committee said in a statement on Wednesday. The Basel Committee is chaired by Stefan Ingves, governor of Sweden's central bank, and is finalising remaining elements of Basel III, the global bank capital accord the Group of 20 economies (G20) called for to stop taxpayers having to rescue failing banks in future.
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