In prepared remarks for a Senate Banking Committee hearing today Chairman Martin Gruenberg commented on the FDIC’s progress on policies and strategies to build a more effective resolution framework for large, complex financial institutions as mandated by the Dodd-Frank Act.
The FDIC is working on a Statement of Policy which would provide more clarity on the resolution process. Gruenberg noted the FDIC anticipates to release a proposal for public comment before the end of the year.
Gruenberg also commented on the banking industry’s progress in raising the quality and quantity of capital in the industry. Speaking of the new capital rules released this week, Gruenberg stated: “Going forward, the rule would have the effect of preserving and maintaining the gains in capital strength the industry has achieved in recent years.”
Read Gruenberg’s prepared testimony.