Bankruptcy: Complex Financial Institutions and International Coordination Pose Challenges

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A letter report issued by the Government Accountability Office with an abstract that begins "The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act) created the Orderly Liquidation Authority (OLA) that can be used to resolve failed systemically important financial institutions. However, questions continued to be raised about the effectiveness of the U.S. Bankruptcy Code (Code) and current mechanisms for international coordination in bankruptcy cases. The Dodd-Frank Act requires GAO to report on the effectiveness of the Code in resolving certain failed financial institutions on an ongoing basis. Among its objectives, this report addresses (1) the effectiveness of ... continued below

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United States. Government Accountability Office. July 19, 2011.

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Description

A letter report issued by the Government Accountability Office with an abstract that begins "The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act) created the Orderly Liquidation Authority (OLA) that can be used to resolve failed systemically important financial institutions. However, questions continued to be raised about the effectiveness of the U.S. Bankruptcy Code (Code) and current mechanisms for international coordination in bankruptcy cases. The Dodd-Frank Act requires GAO to report on the effectiveness of the Code in resolving certain failed financial institutions on an ongoing basis. Among its objectives, this report addresses (1) the effectiveness of Chapters 7 and 11 of the Code for facilitating orderly resolutions of failed financial institutions; (2) proposals for improving the effectiveness of liquidations and reorganizations under the Code; and (3) existing mechanisms that facilitate international coordination under the Code and barriers to coordination of financial institution bankruptcies. GAO reviewed laws, judicial decisions, regulations, data, and academic literature on resolutions, and spoke with relevant government officials, industry representatives, and experts from the legal and academic communities about the effectiveness of the Code."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • July 19, 2011

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. Bankruptcy: Complex Financial Institutions and International Coordination Pose Challenges, report, July 19, 2011; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc300526/: accessed November 24, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.