We also acknowledge the critical legislation complementing our regulatory reforms and initiatives. These bills include Financial Consumer Protection Act, which will afford the financial sector regulators the authority to enforce prudent and customer-centric standards of conduct, including the power to adjudicate customer complaints. The FCPA is in the Office of the President for signature.
Against this backdrop, establishing a clear hierarchy and minimizing discretion in the handling of bank creditor bail-ins is indispensable to win back lost trust. Based on the EU finance ministers’ agreement of June 2013, the Recovery and Resolution Directive is now close to being adopted. It might ultimately turn out to be a net positive, as it provides clear orientation for markets.