Board of Governors of the Federal Reserve System

I support the Board's decision to extend the deadline for Category II and Category III firms to submit their next resolution plan by March 31, 2025. Under the resolution plan rule, the Board and FDIC must provide firms with at least 12 months prior notice of a new deadline to submit a resolution plan. Because the resolution plan rule contemplates that firms would have at least 12 months to prepare and submit a resolution plan, I expect that the Board would provide another extension to Category II and Category III firms if the Board and FDIC do not finalize their proposed guidance before March 31, 2024, so that the firms would have 12 months from the date of any finalized guidance to submit their next resolution plan.