SIFMA, The Clearing House (TCH), the American Bankers Association (ABA), and the Financial Services Roundatable (FSR) provide comments to the Federal Deposit Insurance Corporation (FDIC) on Notice of Proposed Rulemaking (NPR) implementing certain orderly liquidation authority provisions of the Dodd‐Frank Wall Street Reform and Consumer Protection Act, (Dodd-Frank Act). The Associations caution that the NPR includes some proposals that could undermine safety and soundness of institutions and market efficiency and may even be destabilizing during a financial panic. In addition the Associations share concerns that the Notice does not clarify, in many respects, how the FDIC intends to reconcile its duties to creditors and customers of a covered company with its powers to avoid or mitigate the serious adverse effects on financial stability in the United States that could be caused by the failure of a covered company and its “disorderly” liquidation or reorganization under the Bankruptcy Code during a financial crisis.