Mnuchin says will take on 'orderly liquidation' after FSOC report

Mnuchin says will take on 'orderly liquidation' after FSOC report

YURI GRIPAS

The FSOC comprises the country's major financial regulators and oversees the designation of large financial firms as systemically important, a process banks have criticized as too opaque.

The "orderly liquidation authority" or OLA, introduced by the 2010 Dodd-Frank financial reform law, gives U.S. regulators the power to step in and liquidate a troubled bank instead of putting it through a traditional bankruptcy.

Many Republicans say OLA powers are excessive, while many leaders of the banking industry defend the powers.

(Reporting By Patrick Rucker; Editing by Bernadette Baum)

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