The Federal Reserve Board has issued a request for public information and comment on two bankruptcy-related studies that it is required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Section 216 of the Dodd Frank Act requires the Board, in consultation with the Administrative Office of the United States Courts (AOUSC), to study the resolution of financial companies under Chapter 7 or Chapter 11 of the United States Bankruptcy Code. Section 217 of the act requires the Board, in consultation with the AOUSC, to study international coordination of the resolution of systemically important financial companies under the Bankruptcy Code and applicable foreign law. Section 216 and Section 217 each identifies specific issues that are to be studied.
The Board is seeking public comment on how to address the specific issues that are required to be included in the studies. It is also seeking public comment on any studies, research or other empirical data or information that it should take into account, as well as on any additional factors or considerations that should be addressed.
Comments must be submitted within 30 days from the date of publication in the Federal Register, which is expected shortly.
See press release for full details.