Fed director says rest of world lagging behind on cross-border resolution


Preparations for cross-border resolution are being held up by a failure in some jurisdictions to implement the necessary regulations, according to Michael Gibson, director of the banking supervision and regulation department at the Federal Reserve.

In testimony before the US Senate yesterday, Gibson said the US was leading the way with its resolution authority, the Orderly Liquidation Authority (OLA), which he said "already embodied" the "core features" of the Financial Stability Board's (FSB)

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