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FDIC Conducts Meeting of Systemic Resolution Advisory Commit

Daily newsbrief journal for January 2012, also see http://www.usdemocrats.com/brief for a global 100-page perpetual brief and follow twitter @usdemocrats


FDIC Conducts Meeting of Systemic Resolution Advisory Commit

Postby admin » Thu Jan 26, 2012 4:07 pm

FDIC Conducts Meeting of Systemic Resolution Advisory Committee


FOR IMMEDIATE RELEASE
January 25, 2012 Media Contact:
Andrew Gray
Office: 202-898-7192
Email: angray@fdic.gov


The FDIC on Wednesday held the second meeting of the Systemic Resolution Advisory Committee. The FDIC created the advisory committee after the passage of Dodd-Frank to provide advice and recommendations on a broad range of issues relevant to the failure and resolution of a systemically important financial company.
Committee members heard presentations and discussions on options for potential resolution strategies for a Title II resolution, a progress report on Title I "living will" preparations and a discussion on the international coordination efforts and progress made to date on with foreign counterparts.
FDIC Acting Chairman Martin J. Gruenberg said, "The FDIC has been actively working with other federal regulators, foreign supervisors, and industry to strengthen our preparedness and put in place the regulatory framework that will facilitate any future resolution of a large systemically important financial company under Dodd-Frank. While we have been prepared to use this authority since the passage of the law, our strategies will naturally improve and evolve as they are informed by additional feedback and experience. We have made significant progress in implementing our goals and today's discussion was another step toward enhancing our resolution planning for the largest systemically important financial institutions in our country."
The Committee was formed to advise the FDIC on the effects on financial stability and economic conditions from a systemically important company's failure; how resolution strategies would affect stakeholders and customers of these entities; the tools available to the FDIC to wind down the operations of a failed organization; and the tools needed to assist in cross-border relations with foreign regulators and governments when a systemic company has international operations. For more information about the committee and to watch the archived webcast, please visit http://www.fdic.gov/about/srac/2012/201 ... genda.html
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