Progress Report on the Resolution of Systemically Important Financial Institutions
Unedited transcript [pdf]
Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), discussed the progress that the FDIC has made in developing a framework for the orderly failure of large, complex financial institutions without taxpayer bailouts and market breakdowns. He detailed progress in the development of living wills, Orderly Resolution Authority implementation, and international coordination, as well as the challenges that lie ahead.
Martin Gruenberg has served as the 20th chairman of the FDIC since November 2012. Previously, he held the position of vice chairman and member of the FDIC Board of Directors from August 2005. He served as acting chairman from July 2011 to November 2012. Internationally, Gruenberg also served as chairman of the executive council and president of the International Association of Deposit Insurers (IADI) from November 2007 to November 2012. Previously, he served as senior counsel to Senator Paul S. Sarbanes on the staff of the Senate Committee on Banking, Housing, and Urban Affairs from 1993 to 2005.
Prepared remarks [pdf]