Former Federal Deposit Insurance Corp. chair Sheila Bair is at helm of a new private sector, volunteer group, The Systemic Risk Council.

According to Bair, the new group came together over concerns on "the slow progress of regulators and standard-setters." The council plans to monitor and encourage regulatory reform of U.S. capital markets focused on systemic risk, including the Financial Stability Oversight Council (FSOC) and the Office of Financial Research.

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