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Resolution Authority

Monday, October 14, 2013

Gruenberg on International Cooperation & Resolution Authority

FDIC Chairman Martin Gruenberg spoke to the Volcker Alliance about the FDIC’s progress in developing a resolution strategy and the capacity to execute it as well as progress in international cooperation in planning to successfully resolve a globally active SIFI.

The Dodd-Frank Act provided significant new authorities to the FDIC and other U.S. regulators to effectively plan for and manage the orderly failure of a SIFI such as ‘living wills’ and the Orderly Liquidation Authority.

Gruenberg concludes by noting “that there has been a quiet transformation in the aftermath of this recent crisis in the approach nationally and internationally to this challenging issue of SIFI resolution… I would suggest that the recent crisis has produced a sea-change globally in how jurisdictions view the risks posed by G-SIFIS and a determination to develop alternatives to the provision of open-ended public support to address their potential failure.”

Read Gruenberg’s full prepared remarks.

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