The Federal Reserve Board named Michael Gibson director of the Division of Banking Supervision and Regulation, replacing Patrick Parkinson. In his new role, Gibson will play a key role in dealing with Basel III capital-adequacy issues and the oversight of major banks. Patrick Parkinson is retiring from the role after serving the Fed Board for three decades. Gibson will assume Parkinson's duties on Jan. 1, 2012. Gibson currently serves the board's division of research and statistics as a deputy director. He brings expertise in risk management and financial markets. The Federal Reserve Board named Michael Gibson director of the Division of Banking Supervision and Regulation, replacing Patrick Parkinson. In his new role, Gibson will play a key role in dealing with Basel III capital-adequacy issues and the oversight of major banks. Patrick Parkinson is retiring from the role after serving the Fed Board for three decades. Gibson will assume Parkinson's duties on Jan. 1, 2012. Gibson currently serves the board's division of research and statistics as a deputy director. He brings expertise in risk management and financial markets. In his new role, Gibson will be charged with overseeing the division that creates regulatory policy while watching over state member banks, banks, savings and loan holding companies as well as U.S. branches and agencies of foreign banking organizations. As director of the division, Gibson will represent the Federal Reserve on the Basel Committee on Banking Supervision. Gibson joined the Federal Reserve in 1992, serving first in the banking section of the division of international finance. Gibson holds a doctorate in economics from the Massachusetts Institute of Technology and a bachelor's of arts in economics from Stanford University. "Mike's expert knowledge of risk management and financial markets make him an excellent choice at a time when we are drawing on a wide range of expertise in bank supervision and regulation to focus not just on the health of individual institutions, but on the financial system as a whole," Federal Reserve Board Chairman Ben S. Bernanke said in a statement. Write to Kerri Panchuk.