US Treasury hands CCP resolution powers to FDIC
Mnuchin regulatory review explicitly refers to FDIC as receiver under a Title II resolution
The second phase of the US Treasury Secretary’s review of financial regulation has endorsed the idea of special resolution powers rather than bankruptcy as the way to handle a distressed derivatives clearing house. And it provides official support for the Federal Deposit Insurance Corporation to act as a receiver in such circumstances.
“The report states without qualification that the FDIC would be in charge of the failure resolution of financial market infrastructure, such as a systemically
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