The Federal Deposit Insurance Corporation’s (FDIC) Systemic Resolution Advisory Committee (SRAC) is set to convene for a meeting next week. The meeting is scheduled to take place on Tuesday, December 5, 2023, at 9:00 am ET. The SRAC plays a crucial role in providing advice and recommendations to the FDIC on a wide range of policy issues related to the resolution of systemically important financial institutions.
One of the key topics of discussion during the meeting will be the FDIC’s resolution authority, which was granted under the Dodd-Frank Act of 2010. This authority allows the FDIC to manage the orderly resolution of large, complex financial institutions whose failure could pose a threat to the stability of the U.S. financial system. Additionally, the FDIC will also address its authority under the Federal Deposit Insurance Act to manage the failure of regional banks that may have implications for financial stability.
In preparation for the meeting, the FDIC has announced the appointment of two new members to the SRAC, bringing the total number of committee members to 19. The new members are Sir Jon Cunliffe, the Former Deputy Governor for Financial Stability for the Bank of England and Former UK Permanent Representative to the European Union, and Elke Koenig, the Former Chair of the Single Resolution Board (SRB) and Former President of the German Federal Financial Supervisory Authority (BaFin).
The SRAC is composed of individuals with extensive experience in managing complex firms, administering bankruptcies, and working in various fields such as law, finance, regulation, and academia. The committee includes notable members such as Sheila Bair, the Former Chairman of the Federal Deposit Insurance Corporation, and Dr. Ben S. Bernanke, a Distinguished Fellow at the Brookings Institution and Former Chairman of the Board of Governors of the Federal Reserve System.
The virtual meeting of the SRAC will be open to the public and will be available for live viewing via webcast. This allows anyone interested in the resolution of systemically important financial institutions and the FDIC’s role in managing their failure to observe the discussions and insights of the committee members.
It is important to note that the SRAC operates in an advisory capacity and does not possess final decision-making authority or access to non-public, confidential information about any organizations. The committee’s function is to provide expert advice and recommendations to the FDIC based on their collective knowledge and expertise.
For more information about the SRAC and its work, including a complete list of committee members, interested parties can visit the committee’s webpage. Additionally, any media inquiries regarding the meeting or the work of the SRAC can be directed to LaJuan Williams-Young at 202-898-3876 or LWilliams-Young@FDIC.gov.
Overall, the upcoming SRAC meeting presents an opportunity for the FDIC and its committee members to discuss important policy issues related to the resolution of systemically important financial institutions. The inclusion of new members and the diverse expertise of the committee ensure a comprehensive and multifaceted approach to these discussions, ultimately contributing to the FDIC’s efforts to safeguard the stability of the U.S. financial system.
Frequently Asked Questions:
1. What is the FDIC Systemic Resolution Advisory Committee (SRAC)?
The SRAC is a committee established by the FDIC that provides advice and recommendations on policy issues related to the resolution of systemically important financial institutions.
2. When is the next meeting of the SRAC?
The next meeting of the SRAC is scheduled to take place on Tuesday, December 5, 2023, at 9:00 am ET.
3. What will be discussed during the meeting?
The meeting will facilitate discussions on the FDIC’s resolution authority granted under the Dodd-Frank Act of 2010 and the management of the failure of regional banks with potential financial stability implications.
4. Who are the new members of the SRAC?
The new members of 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 and Former President of the German Federal Financial Supervisory Authority.
5. How can I access the meeting?
The virtual meeting of the SRAC will be open to the public and available for live viewing via webcast.
6. What is the role of the SRAC?
The SRAC operates in an advisory capacity and provides advice and recommendations to the FDIC based on their collective expertise. They do not have decision-making authority or access to non-public, confidential information on any organizations.
Sources:
– FDIC Systemic Resolution Advisory Committee to Meet Next Week (FDIC Press Release)
– FDIC Systemic Resolution Advisory Committee (SRAC) webpage
– FDIC Media Contact: LaJuan Williams-Young, 202-898-3876, LWilliams-Young@FDIC.gov
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