Under the 2010 Dodd-Frank Act, a group of U.S. and foreign banks were asked to file living wills with regulators by the end of the year. The plans should not assume that banks have the opportunity to receive government bailout money in the future. The Wall Street Journal explained:
“A tailored resolution plan focuses on the nonbanking operations of the firm and on the interconnections and interdependencies between the nonbanking and banking operations,” the Fed and FDIC said in a joint release.
