Advanced Notice of Proposed Rulemaking, Resolution-Related Resource Requirements for Large Banking Organizations
Summary
SIFMA provided comments to the Board of Governors of the Federal Reserve System (Federal Reserve) and Federal Deposit Insurance Corporation (FDIC) to solicit public input regarding whether an extra layer of loss-absorbing capacity could improve optionality in resolving certain large banking organizations (LBOs) or their insured depository institutions (IDIs), and the costs and benefits of such a requirement.
Excerpt
By Electronic Mail
January 23, 2023
Ann E. Misback, Secretary
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, DC 20551
James P. Sheesley, Assistant Executive Secretary
Attention: Comments RIN 3064–AF86
Federal Deposit Insurance Corporation
550 17th Street, NW
Washington, DC 20429
Re: Advanced Notice of Proposed Rulemaking, Resolution-Related Resource Requirements for Large Banking Organizations; Federal Reserve Docket No. R-1786, RIN 7100–AG44; FDIC RIN 3064-AF86
Dear Ms. Misback and Mr. Sheesley:
The Securities Industry and Financial Markets Association (“SIFMA”) appreciates the opportunity to comment on the advance notice of proposed rulemaking (“ANPR”) issued by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and Federal Deposit Insurance Corporation (the “FDIC” and, together with the Federal Reserve, the “Agencies”) to solicit public input regarding whether an extra layer of loss-absorbing capacity could improve optionality in resolving certain large banking organizations (“LBOs”) or their insured depository institutions (“IDIs”), and the costs and benefits of such a requirement.1
1 See Federal Reserve and FDIC, Resolution-Related Resource Requirements for Large Banking Organizations, 87 Fed. Reg. 64,170 (Oct. 24, 2022).
SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).