The charter for a 16-member panel formed to give the federal bank deposit insurer feedback on issues related to the resolution of systemically important financial companies as provided under the 2010 Dodd-Frank Act has been renewed for two years, according to a notice for the Federal Register.
Members of the Federal Deposit Insurance Corp. (FDIC) Systemic Resolution Advisory Committee currently include former federal financial and securities industry regulators, federal economic policy figures, academics, the legal profession, bankruptcy judges, banking representatives, and a former chairman of the Federal National Mortgage Association (Fannie Mae). Members may serve terms of up to three years, which can be renewed.
According to the Register notice, the panel “will continue to provide advice and recommendations on the effects on financial stability and economic conditions of a covered company’s failure and how they arise, the effects on markets and stakeholders of the activities of a covered company, market understanding of the structures and tools available to the FDIC to facilitate an orderly resolution of a covered company, the application of such tools to nonbank financial entities, international coordination of planning and preparation for the resolution of internationally active covered companies, and harmonization of resolution regimes across international boundaries.”
The committee met at least yearly through 2014, then every two years, most recently last October. The October meeting discussion addressed, among other things, “lessons learned” from firms’ COVID-19 pandemic response.
The charter renewal was signed April 21 by FDIC Chairman Jelena McWilliams.