Fed Promotes Michael S. Gibson To Division Director

The Federal Reserve Board has appointed Michael S. Gibson director of the Division of Banking Supervision and Regulation.

Gibson, a deputy director in the Fed's Division of Research and Statistics, succeeds Patrick M. Parkinson, who is retiring after more than 30 years of service with the Fed.

Gibson began his career at the Fed in 1992 in the Banking Section of the Division of International Finance. He moved to the Trading Risk Analysis Section in the Division of Research and Statistics in 1999 and was selected chief of that section in 2000. Earlier this year, Gibson was promoted to deputy director, with responsibility for the division's financial functions.

Gibson represents the Basel Committee as co-chairman of a working group that is developing a proposal for globally consistent margin requirements on uncleared derivatives, and he has also participated in a U.S. interagency group working on margin requirements for uncleared swaps.

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