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FDIC focuses on financial crisis's too-big-to-fail bank problem

By Brady Dennis
Later today, the Federal Deposit Insurance Corp. will hold the first in a series of roundtable discussions about the implementation of the far-reaching financial overhaul bill that President Obama signed into law last month.

The event will focus on a central element of the legislation: New powers that allow the government to seize and wind down large, troubled financial firms whose failure could damage the entire financial system. That so-called "resolution authority," which is aimed at ending the too-big-to-fail problem that exacerbated the recent financial crisis, will be overseen and implemented by the FDIC.

Already, the agency has approved the creation of a new Office of Complex Financial Institutions to help oversee bank holding companies with more than $100 billion in assets and non-bank firms deemed systemically important.

For Tuesday's roundtable, FDIC Chairman Sheila C. Bair has invited industry executives, academics, investors and fellow regulators to help outline a framework for the resolution process, the treatment of creditors in the event that the government seizes a large firm and the creation of "living wills" that firms must create to detail how they would be liquidated in the event of a crisis.

The event is scheduled from 1 to 5 p.m., and is invitation only. However, a live Web cast will be available at the agency's Web site, FDIC.gov, and an archived video will be available on the site for several days.

By Brady Dennis  |  August 31, 2010; 11:28 AM ET
Categories:  Federal Deposit Insurance Corp.  
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Comments

The first thing they should do is fire Bair and her staff for allowing 200 small banks to operate in a unsafe manner that led to their closure. The next thing they should do is investigate the sweetheart deals that the FDIC gave to the buyers they sold the closed banks assets to. The prime one being the fire sale of Washington Mutual to J.P. Morgan.

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