FDIC Names Three New Members To Its Systemic Resolution Advisory Committee
By Godson Umejiego, Senior Correspondent USA
The Federal Deposit Insurance Corporation (FDIC) named three new members to its Systemic Resolution Advisory Committee (SRAC), which was created by the Board of Directors in 2011 to provide the agency with advice and recommendations on a broad range of issues regarding the resolution of systemically important financial companies. The three individuals were all invited to join the Committee in December, 2021.
The SRAC, which is comprised of 16 members, is intended to facilitate discussion on how the FDIC’s resolution authority granted under the Dodd-Frank Act of 2010 may impact covered entities and others. It serves in an advisory capacity and does not have final decision-making authority, or access to any non-public, confidential information on any organizations.
The three new members of the SRAC are:
- Former Chairman, US Securities and Exchange Commission, Jay Clayton
- Partner, Davis Polk, Margaret E. Tahyar
- Former Vice Chairman, Credit Suisse, D. Wilson Ervin
