Senate Banking Committee members Mark Warner, D-Va., and Bob Corker, R-Tenn., introduced legislation Thursday that would give the Federal Deposit Insurance Corp. the authority it has been seeking to resolve bank holding companies.

The Resolution Reform Act would allow the FDIC to wind down a bank holding company if the insured depository institution within the holding company structure needed to be resolved. Under the bill, the bank holding company would be moved into receivership, the pieces would be sold off and the company would cease to exist.

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