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FDIC strategy for esolving systemically important financial institutions

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Remarks by Martin J. Gruenberg, Acting Chairman, FDIC to the Federal Reserve Bank of Chicago Bank Structure Conference; Chicago, IL – May 10, 2012

  • “Today I would like to take the opportunity to discuss one of those challenging issues – the orderly resolution of systemically important financial institutions (SIFIs). The Dodd-Frank Act provided important new authorities to the FDIC to resolve SIFIs. Prior to the recent crisis, the FDIC’s receivership authorities were limited to federally insured banks and thrift institutions. There was no authority to place the holding company or affiliates of an insured institution or any other non-bank financial company into an FDIC receivership to avoid systemic consequences. The lack of this authority severely constrained the ability of the government to resolve a SIFI.”
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