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Remarks by Martin J. Gruenberg, Chairman, Federal Deposit Insurance Corporation on "Oversight of Prudential Regulators" before the Committee on Financial Services, United States House of Representatives
Chairman McHenry, Ranking Member Waters, and Members of the Committee, I am pleased to appear at today’s hearing on “Oversight of Prudential Regulators.” I appreciate the opportunity to report on the Federal Deposit Insurance Corporation’s (FDIC) recent work in protecting insured deposits, supervising state chartered banks that are not members of the Federal Reserve system for safety and soundness and consumer protection, and in resolving failed insured depository institutions (IDIs).
My statement reports on the state of the banking industry and the condition of the FDIC’s Deposit Insurance Fund (DIF). The testimony provides an update on FDIC resolution activities and discusses the release of a paper reaffirming the FDIC’s preparedness to apply the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) Title II framework in the resolution of a global systemically important bank (GSIB). In addition, I discuss improvements in regulation and bank supervision that could help prevent bank failures like those that occurred in the spring of 2023 or mitigate their impact in the future, such as initiatives to improve banks’ management of liquidity and funding risks and a rulemaking to strengthen corporate governance at larger banks.
My testimony discusses other important regulatory activities at the FDIC, including an update on the Basel III Notice of Proposed Rulemaking, the release of an FDIC request for information and comment on revisions to the FDIC’s Statement of Policy on Bank Merger Transactions, and steps taken to initiate a joint rulemaking on incentive-based compensation.
First and foremost, my testimony will discuss my top priority, addressing workplace culture issues at the FDIC.
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