Thursday, June 30, 2011

DIC'S Bair: 'Living Wills' For Financial Firms May Be Required


WASHINGTON -(Dow Jones)- The largest U.S. financial firms could be required by early next year to provide regulators a road map for how they can be wound down in the event of another financial crisis, the chairman of the Federal Deposit Insurance Corp. said Thursday.

The FDIC is scheduled next week to consider a final rule requiring the firms to submit to resolution plans, also known as "living wills," with regular updates, to regulators. The resolution plans are intended to give regulators a plan to follow if one of the nation's most-complex financial firms runs into trouble.

"I'm pushing to get something done before I leave," the agency's chairman, Sheila Bair, told reporters after a Senate Banking Committee hearing. Bair steps down from the agency on July 8, at the end of her five-year term.

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