Comment: US FDIC swims into uncharted waters with complex plan for avoiding taxpayer bailouts
By Neil Roland ( April 10, 2024, 21:26 GMT | Comment) -- The US Federal Deposit Insurance Corp. moved into uncharted waters today with a detailed plan for averting taxpayer bailouts of the US’s eight global systemically important mega-banks, intent on shunning a reprise of the Credit Suisse bailout last year. “We believe this paper is particularly timely in light of the decision by Swiss authorities last year not to place Credit Suisse into a resolution process, which the Swiss had developed consistent with the international standard adopted by the Financial Stability Board,” FDIC Chair Martin Gruenberg said. He anticipated doubts about the US plan, which he called “a challenging process under any circumstance."The US Federal Deposit Insurance Corp. advanced into uncharted waters today with a detailed plan for averting taxpayer bailouts of the US’s eight global systemically important mega-banks, intent on shunning a reprise of the Swiss bailout of Credit Suisse last year....
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