FDIC needs power to shut down non-bank financials - Bair
The Federal Deposit Insurance Corporation should have "resolution power" over non-bank financial companies as well as banks, FDIC chairman Sheila Bair has said.
Addressing the Economic Club of New York, Bair said the FDIC had a successful history of closing failed banks quickly and smoothly, but with the growth of the non-bank financial sector it risked falling behind. In particular, many FDIC-protected banks are now part of a larger group, which fall outside the FDIC's ambit.
"This makes a co
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