On 26 November 2018, the Financial Stability Board (FSB) appointed Randal K Quarles (Governor and Vice Chairman for Supervision at the US Federal Reserve) as its new Chair and Klaas Knot (President of De Nederlandsche Bank) as Vice Chair, for a three year term starting on 2 December 2018. After the three year term Mr Knot will take over as Chair for the next three-year term.