The FRB and FDIC (which together share jurisdiction over resolution planning for BHCs over systemic thresholds) are proposing guidance for U.S. global systemically-important banks (GSIBs) living wills starting in 2019.  Although the agencies describe the guidance as largely clarifying and streamlining current policy, it in fact goes farther in several areas and generally imposes an array of disciplines designed to make it still more likely that a failing GSIB could be resolved under the Bankruptcy Code, not Dodd-Frank’s orderly-liquidation authority (OLA).  However, numerous and sometimes costly operational and planning changes are likely necessary at some or all U.S. GSIBs. 

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