Recession preparation: What happens when a big domestic bank fails?

How we handle the failure of large, complex financial institutions has changed since the Great Recession. New systems and safeguards aim to protect, but what happens when they’re put to the test? Shifting the focus away from a small number of global and systemic financial institutions, are the comparatively smaller, yet still quite large, national and regional financial institutions ready for what comes next? Are financial regulators prepared or have they forgotten the lessons learned already?

On Wednesday, October 16, the Center on Regulation and Markets at Brookings explored these questions and more as we heard from FDIC Board Member and former Chairman Martin J. Gruenberg. Following the keynote, Victoria Guida of Politico  moderated a panel of experts featuring Sir Paul Tucker, chair of the Systemic Risk Council and former deputy governor of the Bank of England; Jim Wigand, former managing director at Millstein & Co.; and Kieran Fallon, senior deputy general counsel at the PNC Financial Services Group.