On Friday April 29, Resolution Project members met with officials at the FDIC and at the Federal Reserve Board in Washington. The purpose of the meetings was to present and discuss views on (1) the new orderly liquidation process of Title II of the Dodd-Frank legislation and (2) a newly proposed amendment to the bankruptcy law (Chapter 14) to supplement, or even replace, Title II and thereby better deal with large financial institutions.
Background material for the presentations (distributed in advance) is contained in the document “Resolution of Failed Financial Institutions: Orderly Liquidation Authority and a New Chapter 14, Studies by the Resolution Project at Stanford University’s Hoover Institution Working Group on Economic Policy,” by Thomas H. Jackson, Kenneth E. Scott, Kimberly Anne Summe, John B. Taylor.
An outline of the portion of the presentation on Chapter 14 by Tom Jackson is contained in the slide presentation “Making Bankruptcy Work.” The meeting at the Fed will be part of the public record related to Section 216 of the Dodd-Frank legislation.
Participants from the Resolution Project included Thomas Jackson, William F. Kroener, Ken Scott, Dick Herring, David Skeel, and John B. Taylor.
Participants at the FDIC included Michael Krimminger (General Counsel), Arthur Murton, (Director of the Division of Insurance and Research), and Jim Wigand (Director of Complex Financial Institutions).
The meeting at the Federal Reserve Board was hosted by Sophia Allison (Senior Counsel) and included staff from several divisions of the Fed.