Toward Orderly Resolution

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: Welcome to the Federal Reserve 2013 Resolution Conference. This gathering is sponsored jointly by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of Richmond. Our objective is to stimulate constructive dialogue among knowledgeable professionals and the practitioners involved in constructing and assessing resolution plans. This is a critically important element of our collective response to the financial crisis. Title I of the Dodd-Frank Act requires that certain large U.S. financial institutions submit resolution plans to the Federal Reserve and the Federal Deposit Insurance Corporation. As most of you know, a resolution plan describes a firm's strategy for liquidation or reorganization under the U.S. bankruptcy code, without extraordinary government assistance, in the event of material financial distress or failure. The heart of the plan is the specification of the actions the firm would take to facilitate rapid and orderly resolution and prevent adverse effects of failure, including the firm's strategy for maintaining the operations of and funding for its critical operations and material entities.

Date: 2013-10-18
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