FDIC’s Systemic Resolution Advisory Committee to Meet Amidst Major Shake-up

Washington, D.C. — The Federal Deposit Insurance Corporation’s (FDIC) Systemic Resolution Advisory Committee (SRAC) is gearing up for a pivotal meeting next week, set to address critical policy issues surrounding the orderly resolution of large, complex financial institutions and the management of regional bank failures that could threaten U.S. financial stability.

The SRAC, an advisory body to the FDIC, will convene on Tuesday, December 5, 2023, at 9:00 am ET. The committee’s agenda is to discuss the FDIC’s resolution authority under the Dodd-Frank Act of 2010 and the Federal Deposit Insurance Act, focusing on managing the failures of large institutions and regional banks with potential stability implications.

In a significant move, the FDIC has appointed two new members to the SRAC, doubling its membership to 19. These new additions bring a wealth of experience from both international and domestic financial sectors. The new members are Sir Jon Cunliffe, former Deputy Governor for Financial Stability at the Bank of England, and Elke Koenig, former Chair of the Single Resolution Board (SRB) and President of the German Federal Financial Supervisory Authority (BaFin).

The current 17 members of the SRAC represent a diverse range of expertise, including former regulators, policymakers, legal experts, and academic leaders. Notable figures include Sheila Bair, former Chairman of the FDIC; Dr. Ben S. Bernanke, former Chairman of the Federal Reserve System; and Jay Clayton, former Chairman of the U.S. Securities and Exchange Commission (SEC).

This meeting of the SRAC is expected to be a cornerstone in shaping the future of financial policy in the United States, with experts from various backgrounds coming together to address systemic risks and ensure stability in the banking sector.