Q&A: FDIC’s Hoenig warns on daily settled swaps

FDIC vice-chair on leverage-cutting schemes, TLAC and TBTF

Hoenig: daily settlement is "substance over form"

The Federal Deposit Insurance Corporation (FDIC) has a special place in the US regulatory constellation. Even more than its peers, its mission – to protect depositors and resolve failed banks – requires it to focus on the worst of times: on credit crises, on bank collapses and the chaos and contagion that can follow.

It gives the agency's staff a distinct philosophy. They are fans of clarity and distrust complexity, so, in policy terms: they want the prudential framework to place more emphasis

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