On May 15, James R. Wigand, Director, Office of Complex Financial Institutions of the Federal Deposit Insurance Corporation (FDIC) testified before the U.S. Senate Subcommittee on National Security and International Trade and Finance. In his concluding remarks, Director Wigand stated, “In conclusion, the FDIC, working with our foreign colleagues, has made substantial progress in one of the most challenging areas of the financial reforms adopted in the Dodd-Frank Act. The cross-border issues presented by the failure of a [global systemically important financial company] with international operations are complex and difficult. … While much work remains to be done, the FDIC is much better positioned today to address the failure of one of these institutions.”
Click here to view Director Wigand’s speech.