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November 22, 2013

FDIC Chairman Sees Progress on Bank-Resolution Rules

The head of the Federal Deposit Insurance Corp. said global regulators are making progress in establishing a system to help wind down a large financial firm at risk of failure.

FDIC Chairman Martin Gruenberg, in a speech Thursday, said the U.S. is working with Switzerland, Germany, China, Japan and other countries to ensure a global financial firm on the verge of collapse can be dismantled by regulators. He pointed to the United Kingdom as a key area of focus, saying most large U.S. banks hold a majority of on- and off-balance-sheet assets in the U.K.

“‘This is a big deal, and this is something new and I don’t think it’s fully appreciated,’ Mr. Gruenberg said at The Clearing House annual conference in New York, adding that there has been a transformation in thinking and support for cross-border work.

Mr. Gruenberg said regulators must coordinate and establish an infrastructure that would allow for the resolution of large banks, which are global operations with branches and business in other countries.”

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Read full Wall Street Journal article here

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