FDIC Systemic Resolution Advisory Committee to Meet Next Week
WASHINGTON — The Federal Deposit Insurance Corporation's (FDIC's) Systemic Resolution Advisory Committee (SRAC) will meet on Tuesday, December 5, 2023, at 9:00 am ET. The SRAC provides advice and recommendations to the FDIC on a broad range of policy issues regarding the resolution of systemically important financial institutions. The meeting will facilitate discussion of the FDIC’s resolution authority granted under the Dodd-Frank Act of 2010, to manage the orderly resolution of large, complex financial institutions whose failure could threaten U.S. financial stability, and under the Federal Deposit Insurance Act to manage the failure of regional banks which might have financial stability implications.
The FDIC has also named two new members to the SRAC, which will now comprise 19 members. Committee members have a wide range of experience managing complex firms; administering bankruptcies; and working in the legal, financial, regulatory, and academic fields.
The two new members of the SRAC are:
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Sir Jon Cunliffe, Former Deputy Governor for Financial Stability for the Bank of England; Former UK Permanent Representative to the European Union; Former International Economic Advisor to the Prime Minister
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Elke Koenig, Former Chair of the Single Resolution Board (SRB); Former President of the German Federal Financial Supervisory Authority (BaFin)
The 17 current members of the SRAC are:
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Sheila Bair, Former Chairman of the Federal Deposit Insurance Corporation
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Dr. Ben S. Bernanke, Distinguished Fellow in residence with the Economic Studies Program at the Brookings Institution; Former Chairman of the Board of Governors of the Federal Reserve System
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Hon. Shelley C. Chapman, Senior Counsel, Willkie Farr & Gallagher; Former United States Bankruptcy Judge, Southern District of New York
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Tim P. Clark, Distinguished Senior Banking Adviser, Better Markets; Former Deputy Director of Supervision and Regulation, Federal Reserve Board of Governors
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Jay Clayton, Former Chairman of the U.S. Securities and Exchange Commission (SEC)
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H. Rodgin Cohen, Senior Chairman, Sullivan & Cromwell LLP
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Gary Cohn, Former Assistant to the President for Economic Policy; Director of the National Economic Council
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Hon. Robert Drain, United States Bankruptcy Judge, Southern District of New York
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D. Wilson Ervin, Equilibrium Capital, Board Member; Former Vice Chairman, Credit Suisse
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Richard J. Herring, Co-Director, The Wharton Financial Institutions Center and Professor of Finance, The Wharton School, University of Pennsylvania
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Donald Kohn, Former Vice Chairman of the Board of Governors of the Federal Reserve System; Senior Fellow, Economic Studies Program, Brookings Institution
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Timothy J. Mayopoulos, President of Blend; Former President and Chief Executive Officer of Fannie Mae
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Sandie O’Connor, Former Chief Regulatory Affairs Officer, JPMorgan Chase & Co.
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Douglas L. Peterson, President and Chief Executive Officer, S&P Global
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John S. Reed, Former Chairman and CEO, Citigroup; Former Chairman, Corporation of Massachusetts Institute of Technology
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Frank La Salla, President and Chief Executive Officer, DTCC; President and Chief Executive Officer of DTC, FICC and NCSS
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Margaret E. Tahyar, Partner and Co-head of Financial Institutions, Davis Polk LLP
The FDIC created the SRAC in 2011; the Committee serves in an advisory capacity and does not have final decision-making authority, or access to any non-public, confidential information on any organizations. Information about the committee’s work, including a list of its members, is available on the committee’s webpage.
The virtual meeting is open to the public and will be available live via webcast.
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MEDIA CONTACT:
LaJuan Williams-Young
202-898-3876
LWilliams-Young@FDIC.gov
FDIC: PR-98-2023
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