GAO Reviews Resolution Planning Requirements and the Role of the OLA

In a report to several Congressional committees, GAO reviewed proposed and enacted changes to the U.S. Bankruptcy Code relating to the Orderly Liquidation Authority ("OLA"), an alternative to bankruptcy established under Dodd-Frank for "resolving failed, systemically important financial institutions." GAO also described regulatory actions pertaining to the OLA and resolution planning and provided a brief history of resolution planning requirements.