WASHINGTON—The Federal Deposit Insurance Corporation’s (FDIC’s) Systemic Resolution Advisory Committee (SRAC) will meet in a secretive virtual session on November 9, 2022, at 9:00 am ET. The FDIC’s resolution authority, granted under the Dodd–Frank Act of 2010, aims to manage the orderly resolution of large, complex financial institutions whose failure could threaten U.S. financial stability.
The SRAC provides advice and recommendations to the FDIC on a broad range of policy issues regarding the resolution of systemically important financial institutions. Committee members have a wide range of experience managing complex firms; administering bankruptcies; and working in the legal, financial, regulatory, and academic fields.
The FDIC has named two new members to the SRAC, which now comprises 17 members. The new members, Tim P. Clark and Frank La Salla, bring extensive experience in the financial industry. Clark is a Distinguished Senior Banking Adviser at Better Markets and a former Deputy Director of Supervision and Regulation at the Federal Reserve Board of Governors. La Salla is the President and Chief Executive Officer of DTCC and has held various leadership positions in the financial industry.
The 15 current members of the SRAC include notable figures such as Sheila Bair, former Chairman of the Federal Deposit Insurance Corporation; Dr. Ben S. Bernanke, former Chairman of the Board of Governors of the Federal Reserve System; and Jay Clayton, former Chairman of the U.S. Securities and Exchange Commission. These members will join Clark and La Salla in advising the FDIC on the resolution of systemically important financial institutions.
The SRAC was created in 2011 and serves in an advisory capacity, without final decision-making authority or access to non-public, confidential information. The virtual meeting is open to the public and will be available live via webcast.
For those interested in learning more about the committee’s work, a list of its members and information about the committee’s activities can be found on the FDIC’s website. The FDIC has also provided contact information for those who wish to reach out with questions or concerns.
Contact(s): LaJuan Williams-Young, FDIC: (703) 470-0201.
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Key Facts
- Agency: FDIC
- Category: White Collar Crime
- Source: Official Source â†â€â€ÂÂ
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