[20180417]IN10886_有序清算机构：改革建议.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i The Orderly Liquidation Authority: Reform Proposals Raj Gnanarajah Analyst in Financial Economics David W. Perkins Analyst in Macroeconomic Policy April 17, 2018 The Orderly Liquidation Authority (OLA) was created by Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203; Dodd-Frank) to allow the Federal Deposit Insurance Corporation (FDIC) to resolve certain failing financial institutions whose collapse could threaten the stability of the financial system. Although OLA has never been used, it has become the subject of a number of reform proposals. This Insight briefly describes the OLA and two prominent examples of such proposals. Overview A failed company (banks and insurance companies are notable exceptions) will generally go through a bankruptcya judicial process that often imposes losses on the companys shareholders and creditors. However, in the case of large, complex financial institutions, some observers argue the bankruptcy process could potentially destabilize the financial system and result in devastating economic outcomes, citing Lehman Brothers 2008 bankruptcy