Testimony by Deputy Director Ryan Billingsley on Importing Global Governance: "Examining the Dangers of Ceding Authority Over American Financial Regulation" before the Committee on Financial Services, U.S. House of Representatives
Chairman McHenry, Ranking Member Waters, and Members of the Committee, I am pleased to appear at today's hearing to discuss the Federal Deposit Insurance Corporation's (FDIC's) international engagement, including with regulatory and supervisory authorities, resolution authorities, central banks, and deposit insurers.
The FDIC's core mission is to maintain stability and public confidence in the U.S. financial system. The agency carries out this mission through its responsibilities for deposit insurance, banking supervision, and the orderly resolution of failed banks, including systemically important financial institutions. The FDIC's international engagement is guided by the same mission and contributes to the promotion of sound, stable banking systems in the United States and abroad. By engaging with our counterparts internationally, the FDIC both fulfills its mission of financial stability and public confidence in the U.S. financial system and supports longstanding U.S. priorities of maintaining a competitive, inclusive, and stable global financial system.
The FDIC engages with regulatory and supervisory authorities from around the world in support of effective deposit insurance, bank supervision, and resolution systems for banks and systemically important financial institutions. Many of these bodies provide a forum for regulators to share information, discuss challenges, and consider common standards. My testimony today will discuss the FDIC's engagement with these international organizations, including the Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), and the International Association of Deposit Insurers (IADI).
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