Resolution Authority

  • Fed Window
    • Richard Scott, FCIC MP3 Interview
    • 2014 04 - Book - Modernizing Insurance Regulation - John H. Biggs, Matthew P. Richardson - 304p
    • 2020 0825 - FSB - Key Attributes Assessment Methodology for the Insurance Sector - 72p
    • NAIC
      • GUARANTY FUNDS
      • NAIC Insurer Receivership Model Act
  • The lack of an appropriate regulatory regime and resolution authority for large nonbank financial institutions contributed to this crisis and will continue to constrain our capacity to address future crises.  (p7)

-- Timothy F. Geithner, Secretary, U.S Department of the Treasury 

2009 0324 - GOV (House) - Oversight of the Federal Government's Intervention at American International Group - [PDF-91p, VIDEO-CSPAN] - <mp3, mp4>

  • Geithner and Bernanke Testimony on AIG Bonuses 
  • House - Committee on Financial Services
  • 2009 0924 - GOV (Senate) - Systemic Risk and Resolution Issues / Experts’ Perspectives on Systemic Risk and Resolution Issues - [PDF-128p,  VIDEO-CSPAN]
    • (p7) - Paul Volcker - ".....insurance companies, which I would say parenthetically I hope better regulatory systems will be developed, maybe not as part of this legislation but next year."  
    • (p19) - Paul Volcker - "I would hope this committee would look at the question of national charters for insurance companies and bring them under—at least the big ones—under a framework so that something like AIG with similar problems can’t arise in the future."  
    • (p49) - Ed PERLMUTTER (D-CO) - How do we resolve insurance companies?
      • Do you know?
      • We liquidate them through the insurance commissioner.  
  • (p25) - Senator Bob CORKER (R-TN) -  Well, it may not—I think this whole issue of authority is pretty incredible, and I think all of us realize that the Fed nor anyone else has the authority not only to deal with AIG but Citigroup or Bank—there is nobody.
    • I mean, I think that is an amazing thing that for some reason only hits my alarm bell, nobody else’s.
    • But there is no entity in our country that has the ability to deal with an AIG, a Citigroup, a Bank of America, anybody.
    • I find that pretty incredible. 

2009 0305 - GOV (Senate) - American International Group: Examining What Went Wrong, Government Intervention, And Implications for Future Regulation - CSPAN- Government Intervention and Regulation of AIG - [PDF-72p]

  • 2008 0710 - GOV (House) - Systemic Risk and the Financial Markets, CSPAN - Transformation of Financial Markets
    • [PDF-86p, VIDEO-CSPAN] - <mp3, mp4>
    • Paulson, Bernanke
    • 1:17:30 - Paulson - need resolutions authority like FDIC