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Bank of Canada appoints Carolyn Rogers as senior deputy governor

The Globe and Mail | Mark Rendell | Jul 12, 2021

Carolyn Rogers appointed sr deputy governor BOC - Bank of Canada appoints Carolyn Rogers as senior deputy governorThe Bank of Canada has named Carolyn Rogers as senior deputy governor, putting a veteran financial regulator with experience tackling overheating housing markets in the No. 2 position at the central bank.

Ms. Rogers will become Governor Tiff Macklem’s chief lieutenant, leading the bank’s strategic planning, helping craft monetary policy and playing a prominent role overseeing financial market stability. She succeeds Carolyn Wilkins, who left the role late last year.

The seven-year appointment was made at a crucial moment for the central bank. Mr. Macklem’s team faces the delicate task of shepherding the economy through the pandemic with ultralow interest rates and government bond buying while trying to avoid runaway inflation and a buildup of financial system risks, particularly in the residential mortgage market.

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Ms. Rogers will bring a financial stability focus to the bank, having worked at increasingly senior levels of Canadian and international financial regulation. She is currently secretary-general of the Basel Committee on Banking Supervision, which helps co-ordinate global financial regulation. Her new role with the Bank of Canada begins mid-December, giving her time to wrap up her work at the Basel Committee and relocate with her family to Ottawa from Switzerland.

Prior to the Basel Committee, she spent three years as assistant superintendent of the regulation sector for the Office of the Superintendent of Financial Institutions, or OSFI, Canada’s banking regulator, and six years at the helm of British Columbia’s financial regulator.

Unlike other members of the bank’s governing council, Ms. Rogers does not have an economics background, instead holding a master’s of business administration from Queen’s University in Kingston.

Evan Siddall, the former head of Canada Mortgage and Housing Corp., said that Ms. Rogers’s atypical background will be an asset to the central bank. He worked closely with her when she was at OSFI and he was at CMHC.

“You think about what scarce resources there are at the Bank of Canada. It’s not economists. It’s people who have pragmatic experience in markets,” Mr. Siddall said in an interview.

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“As the risk environment gets more complex, every institution, whether you’re in the private sector [or public], have to bring in more diversity in terms of cognitive mindset. And that’s what she brings: a different cognitive mindset that will add problem-solving efficacy to the bank,” Mr. Routledge said in an interview.

Ms. Rogers was selected by a group of independent members of the bank’s board and approved by the federal cabinet. The bank and Finance Minister Chrystia Freeland jointly made the announcement.

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