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Committee Detail

Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NameFDIC Systemic Resolution Advisory CommitteeAgency NameFederal Deposit Insurance Corporation
Fiscal Year2019Committee Number76855
Original Establishment Date5/19/2011Committee StatusChartered
Actual Termination Date Committee URLhttp://www.fdic.gov/about/srac/
New Committee This FYNoPresidential Appointments*No
Terminated This FYNoMax Number of Members*20
Current Charter Date4/26/2019Designated Fed Officer Position Title*Director, Office of Complex Financial Institutions and DFO
Date Of Renewal Charter4/26/2021Designated Federal Officer Prefix
Projected Termination Date Designated Federal Officer First Name*Arthur
Exempt From Renewal*NoDesignated Federal Officer Middle NameJ.
Specific Termination AuthorityDesignated Federal Officer Last Name*Murton
Establishment Authority*Agency AuthorityDesignated Federal Officer Suffix
Specific Establishment Authority*April 26, 2011, Board ResolutionDesignated Federal Officer Phone*(202) 898-3938
Effective Date Of Authority*4/26/2011Designated Federal Officer Fax*(202) 898-3500
Committee Type*ContinuingDesignated Federal Officer Email*amurton@fdic.gov
Presidential*No
Committee Function*National Policy Issue Advisory Board
Hide Section - RECOMMENDATION/JUSTIFICATIONS

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*Continue
Legislation to Terminate RequiredNo
Legislation StatusNot Applicable
How does cmte accomplish its purpose?*The Advisory Committee will provide advice and comments on a broad range of issues regarding the resolution of systemically important financial companies (“covered companies”) pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. Issues to be discussed by the Committee include the effects on financial stability and economic conditions resulting from a covered company’s failure, the effects on markets and stakeholders 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, as appropriate, may offer advice and recommendations after it reviews the various issues under consideration.
How is membership balanced?*Members will effectively represent the varied and diverse interests affected by the issues to be considered. Given the complexities associated with the structure of covered companies, the FDIC will seek to ensure that representatives of industries and sectors most likely to be impacted by, or play a role in, the resolution of covered companies participate in the Committee’s activities. Toward that end, members of the Committee may include financial market participants and professionals with relevant experience managing large, complex firms, investors, bankruptcy professionals, representatives from the audit, accounting, credit rating, and legal professions, as well as academic and other relevant experts.
How frequent & relevant are cmte mtgs?*Estimated Number of Meetings per Year - 1.
Why advice can't be obtained elsewhere?*The Advisory Committee will be utilized to gather information and promote highly technical, specialized and focused discussions about the FDIC’s resolution policy development and a variety of current and emerging issues that could affect the resolution of covered companies. This information will help the FDIC to identify and prioritize issues and develop effective strategies and policies in implementing its systemic resolution authority.
Why close or partially close meetings?N/A
Recommendation Remarks
Hide Section - PERFORMANCE MEASURES

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*NoAction Reorganize Priorities*No
Outcome Trust In GovernmentYesAction Reallocate ResourcesNo
Outcome Major Policy ChangesYesAction Issued New RegulationsNo
Outcome Advance In Scientific ResearchNoAction Proposed LegislationNo
Outcome Effective Grant MakingNoAction Approved Grants Or Other PaymentsNo
Outcome Improved Service DeliveryYesAction OtherNo
Outcome Increased Customer SatisfactionYesAction Commentn/a
Outcome Implement Laws/Reg RequirementsYesGrants Review*No
Outcome OtherYesNumber Of Grants Reviewed0
Outcome CommentThe FDIC, with the Federal Reserve, has provided feedback to companies regarding the type of information that would be useful to include within the public sections of the living wills to improve the transparency of those submissions and that would demonstrate the work the firms are doing to improve resolvability.Number Of Grants Recommended0
Cost Savings*Unable to DetermineDollar Value Of Grants Recommended$0.00
Cost Savings Commentn/aGrants Review Commentn/a
Number Of Recommendations*0Access Contact Designated Fed. Officer*No
Number Of Recommendations CommentNo formal recommendations were conveyed by the Committee to the FDIC at its meetings from 2011 – 2016. However, one Committee member at the 2014 meeting made a presentation regarding the transparency of the public portions of the living wills filed under Title I. As a follow-up to that presentation, the FDIC worked with the Federal Reserve to improve the public portions of the living wills. The results of that effort were reported to the Committee at its 2016 meeting. Additionally, the Committee provides valuable feedback on the FDIC’s key strategic planning activities for the resolution of systemically important financial institutions (SIFIs). Committee members regularly discuss the FDIC’s progress in implementing the living wills process, developing resolution capabilities and FDIC engagements internationally relating to resolution planning. Other issues discussed include proposals to amend the Bankruptcy Code for easier resolution of SIFIs, the issuance of guarantees and funding of bridge financial companies and their subsidiaries, repayment of the Orderly Liquidation Fund, and the need to ensure continuity of operations during the orderly resolution process, as well as matters of governance, valuation, possible disparate treatment of creditors, post-resolution exit strategies, accounting, claims management and changes in rating agency treatment of bank holding company ratings. Committee members discuss the treatment of the U.S. operations of foreign institutions, development of credible resolution plans, evaluation of living wills following their submission by financial institutions, the necessity to reduce complexity of legal structures of SIFIs, regulatory efforts to make the industry improve resolvability by establishing a new ISDA contract protocol and by establishing a requirement for total loss-absorbing capacity that would include a debt component for the absorption of losses and recapitalization once an institution’s equity is depleted, and the interaction between the FDIC’s Title I responsibility for reviewing living wills and its Title II liquidation authority. With regard to the FDIC’s efforts to coordinate an international resolution strategy, Committee members discussed the FDIC’s strategy for supporting a global resolution process and entering into bilateral agreements and memoranda of understanding with foreign regulators and suggested the need for an institution framework (such as a treaty). The Committee also discusses the European Union’s progress with respect to its resolution processes and the establishment of its Single Resolution Board.Access Agency WebsiteYes
% of Recs Fully Implemented*0.00%Access Committee WebsiteNo
% of Recs Fully Implemented CommentNot ApplicableAccess GSA FACA WebsiteYes
% of Recs Partially Implemented*0.00%Access PublicationsNo
% of Recs Partially Implemented CommentNot ApplicableAccess OtherNo
Agency Feedback*YesAccess CommentAccess to Committee information may be obtained from the CMO and is also available in the FDIC Public Information Center.
Agency Feedback CommentAt each Committee meeting, FDIC staff provides an update to the Committee members on actions taken since the last Committee meeting, particularly on issues raised by the Committee.Narrative Description*The Advisory Committee supports the FDIC through its advice and commentary on a broad range of issues regarding the resolution of systemically important financial institutions pursuant to the Dodd-Frank Act. The Advisory Committee is also intended to facilitate discussion on how the FDIC’s systemic resolution authority, and its implementation, may impact regulated entities and other stakeholders potentially affected by the resolution process. The FDIC continues to refine its planning in order to facilitate the effective resolution of covered financial companies under the Dodd-Frank Act, should that ever be necessary. In undertaking these efforts, it is particularly important that the FDIC understands the interests and concerns of, and receives input from, a wide spectrum of market participants, professionals, and other stakeholders about the interaction of these planning and regulatory efforts with the financial market and financial companies.
Hide Section - COSTS

COSTS

Payments to Non-Federal Members* Est Payments to Non-Fed Members Next FY* 
Payments to Federal Members* Est. Payments to Fed Members Next FY* 
Payments to Federal Staff* Estimated Payments to Federal Staff* 
Payments to Consultants* Est. Payments to Consultants Next FY* 
Travel Reimb. For Non-Federal Members* Est Travel Reimb Non-Fed Members nextFY* 
Travel Reimb. For Federal Members* Est Travel Reimb For Fed Members* 
Travel Reimb. For Federal Staff* Est. Travel Reimb to Fed Staff Next FY* 
Travel Reimb. For Consultants* Est Travel Reimb to Consultants Next FY* 
Other Costs Est. Other Costs Next FY* 
Total Costs$0.00Est. Total Next FY*$0.00
Federal Staff Support (FTE)* Est. Fed Staff Support Next FY* 
Hide Section - Custom Links

Custom Links

     Committee Level Reports               
Hide Section - MEMBERS,MEETINGS AND ADVISORY REPORTS

MEMBERS,MEETINGS AND ADVISORY REPORTS

To View all the members, meetings and advisory reports for this committee please click here
Hide Section - CHARTERS AND RELATED DOCS

CHARTERS AND RELATED DOCS

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Hide Section - DATA FROM PREVIOUS YEARS

DATA FROM PREVIOUS YEARS

Committee

Data from Previous Years

 
ActionCommittee System IDCommittee NameFiscal Year
 COM-001491FDIC Systemic Resolution Advisory Committee2017
 COM-002642FDIC Systemic Resolution Advisory Committee2016
 COM-003618FDIC Systemic Resolution Advisory Committee2015
 COM-004649FDIC Systemic Resolution Advisory Committee2014
 COM-005971FDIC Systemic Resolution Advisory Committee2013
 COM-006770FDIC Systemic Resolution Advisory Committee2012
 COM-007841FDIC Systemic Resolution Advisory Committee2011
 COM-032557FDIC Systemic Resolution Advisory Committee2018