The Federal Deposit Insurance Corporation’s (FDIC) Systemic Resolution Advisory Committee (SRAC) is set to meet on Tuesday, December 5, 2023, at 9:00 am ET. The SRAC plays a crucial role in advising and providing recommendations to the FDIC on various policy issues related to the resolution of systemically important financial institutions.
The meeting will primarily focus on discussing the FDIC’s resolution authority, which was granted under the Dodd-Frank Act of 2010. This authority enables the FDIC to effectively manage the orderly resolution of large, complex financial institutions whose failure could potentially threaten the stability of the U.S. financial system. Additionally, the meeting will also address the FDIC’s authority under the Federal Deposit Insurance Act to manage the failure of regional banks that could have implications for financial stability.
To strengthen the committee’s expertise, the FDIC has recently appointed two new members to the SRAC. Sir Jon Cunliffe, the Former Deputy Governor for Financial Stability for the Bank of England, Former UK Permanent Representative to the European Union, and Former International Economic Advisor to the Prime Minister, has joined as a member. Elke Koenig, the Former Chair of the Single Resolution Board (SRB) and Former President of the German Federal Financial Supervisory Authority (BaFin), is also a new addition to the SRAC.
With the addition of these two new members, the SRAC now comprises a total of 19 experts from various fields, including managing complex firms, administering bankruptcies, and working in legal, financial, regulatory, and academic sectors.
The current members of the SRAC include well-known figures such as Sheila Bair, the Former Chairman of the Federal Deposit Insurance Corporation; Dr. Ben S. Bernanke, Distinguished Fellow in residence with the Economic Studies Program at the Brookings Institution and Former Chairman of the Board of Governors of the Federal Reserve System; and Jay Clayton, the Former Chairman of the U.S. Securities and Exchange Commission (SEC).
The FDIC established the SRAC in 2011 to serve as an advisory body, providing valuable insights and recommendations on resolution issues. It’s important to note that the committee does not possess final decision-making authority and does not have access to non-public or confidential information on any organizations.
For more information about the SRAC and its work, including a complete list of members, interested individuals can visit the committee’s webpage. The virtual meeting will be open to the public and accessible via webcast.
About FDIC:
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government. It was established in 1933 to provide deposit insurance to depositors in U.S. commercial banks and savings institutions in case of bank failure. The FDIC also regulates and supervises certain financial institutions to ensure the safety and soundness of the banking system.
Frequently Asked Questions:
Q: What is the FDIC Systemic Resolution Advisory Committee (SRAC)?
A: The FDIC SRAC is a committee that advises and provides recommendations to the FDIC on policy issues related to the resolution of systemically important financial institutions.
Q: When will the next meeting of the SRAC take place?
A: The next meeting of the SRAC is scheduled for Tuesday, December 5, 2023, at 9:00 am ET.
Q: Who are the new members appointed to the SRAC?
A: The two new members appointed to the SRAC are Sir Jon Cunliffe, former Deputy Governor for Financial Stability for the Bank of England, and Elke Koenig, former Chair of the Single Resolution Board (SRB) and former President of the German Federal Financial Supervisory Authority (BaFin).
Q: Can the public attend the SRAC meeting?
A: Yes, the virtual SRAC meeting will be open to the public and available via webcast.
Q: What is the role of the SRAC in the resolution of financial institutions?
A: The SRAC plays a critical role in advising the FDIC on the resolution of systemically important financial institutions, ensuring the orderly management of their failure and preserving financial stability.
Q: How many members are there in the SRAC?
A: The SRAC currently consists of 19 members with diverse expertise in managing complex firms, administering bankruptcies, and working in legal, financial, regulatory, and academic fields.
Q: Where can I find more information about the SRAC?
A: For more information about the SRAC and its work, including a complete list of members, you can visit the committee’s webpage on the FDIC’s website.
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