Improving Cross-Border Resolution to Better Protect Taxpayers and the Economy, Hearing Before the Subcommittee on National Security and International Trade and Finance, Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Thirteenth Congress, First Session, May 15, 2013 [open pdf - 239KB]
This is the May 15, 2013 Hearing, "Improving Cross-Border Resolution to Better Protect Taxpayers and the Economy," before the Subcommittee on National Security and International Trade and Finance of the Senate Committee on Banking, Housing, and Urban Affairs. The session was called on "examining the actions of the FDIC [Federal Deposit Insurance Corporation] to improve cross-border resolution of any failing, globally active financial institution." From the opening statement of Mark R. Warner: "Resolving a failing, globally active financial institution in real time--and I cannot stress enough the requirement of thinking about this in real time--across multiple jurisdictions without triggering systemic risk or a Lehman-style domino effect remains perhaps the most outstanding concern after the passage of Dodd- Frank. [...] In mid-December, the Federal Reserve proposed new rules to govern the operations of foreign banking organizations in the United States. [...] Under the proposed rules, the largest foreign banks would be required to create an intermediate holding company [...]. Foreign banks in the U.S. would be required to hold the same level of capital as American banks, and the foreign banks with assets in excess of $50 billion will be required to undergo heightened prudential regulations, such as stress testing, just as American banks are required to do." Statements, letters, and materials submitted for the record include those of the following: Mark R. Warner, Mark Kirk, James R. Wigand, Michael S. Gibson, and William C. Murden.
S. Hrg. 113-29; Senate Hearing 113-29
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