FDIC Approves ‘Living Wills’ Rule for Largest Bank Failures

Banks are required, under the new Dodd-Frank Act, to have written contingency plans (Living Wills) that allow the FDIC to orderly liquidate banks when necessary. As the Count de Mollien said:  "Pour ne jamais finir, une banque doit etre toujours prete a finir." (In order never to close, a bank should always be prepared to close, Cited in: Dalla Volta, Richard. Journal of Political Economy. Vol. 2, No.1, (Dec, 1993)).