GAO suggested financial regulators to disclose more information on their crisis policy framework. While five large banks do not have enough plan to manage operation during crisis.
Dodd-Frank Act
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Citigroup raises salary of its CEO to $16.5 million in 2015. The bank has managed to be more efficient in operation under Corbat's leadership and passing mandatory stress test.
Federal Reserve Bank will issue a much tougher annual stress test this year. The test aims to prevent recurrence of 2008 crisis, analyzing resilience of 33 large U.S. banks against the worse-case hypothetical scenario..
A dozen of the largest Wall Street banks on Monday published detailed plans to show how they would shut down their business during a crisis without the help of taxpayer money, a crucial step to prevent being broken up by regulators.
TrueEX's application for interest rate swap facilities is the next step to consolidate the market.
Banking regulators now are empowered to confiscate and break up a financial institution if bankruptcy would only hurt the economy.
The CFTC warned that all buyers must be allowed to participate and operations need to be transparent as required by the Dodd-Frank Act.
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