Under the living will process today, firms must approach their bankruptcy using tools geared toward corporate restructuring. Any changes to the regimes under which financial institutions can and will fail should be carefully considered before enactment, particularly to the extent they retain, or not, a credible source of liquidity going forward. This isn’t abstract financial theory. This concerns the ability of people on Main Street—employees, retirees, small business owners—to persevere in times of severe financial stress. Returning to the human element of the crisis, these are the same people who suffered during the Great Recession and who expect us all to do better during the next period of stress. 1 Lisa Kraidin and Ben Snodgrass assisted in the preparation of these remarks. 2 See Mariacristina De Nardi et al., Consumption and the Great Recession, Economic Perspectives, 1st Quarter  2012, at 1, 1. 3 See Jesse Bricker et al., Changes in U.S. Family Finances from 2013 to 2016: Evidence from the Survey of  Consumer Finances, Federal Reserve Bulletin, Sept. 2017, at 1, 10. 4 See Thomas C. Baxter, Jr. & David Gross, The Federal Reserve’s Response to the Crisis, i n International  Monetary and Financial Law: The Global Crisis 293, 298–99 (Mario Giovanoli & Diego Devos eds., 2010). Use of 13(3) had been authorized during the 1960s, but no loans were made. See id. 5 These facilities included, among others, the PDCF (the Primary Dealer Credit Facility), the TALF (the Term  Asset-Backed Securities Loan Facility), and the CPFF (the Commercial Paper Funding Facility).

Additionally, in a highly interconnected global economy with greater international financial inter linkages, financial turmoil and stress in national financial systems will have ramifications that transcend borders. Given the high stakes involved, there has been increasing scrutiny of the values, professional norms, educational standards and incentives that drive and shape the behaviour of financial institutions. Much of this scrutiny has aimed at reinforcing the responsibility that financial institutions have to the broader society. The establishment of the Financial Services Professional Board (FSPB), thus marks a significant development towards achieving the highest standards of professional conduct including fair business dealings and ethics in the financial services industry that will be consistent with the long-term growth, stability and integrity of the financial system. It is envisaged that the Financial Services Professional Board will act as an industry-led independent board that will drive the development as well as the advocacy of professional standards, ethics and continuous professional development across the financial services industry. Central to this aim is the development of a culture within the financial services industry which places an unequivocal commitment to professionalism and ethics. In advancing this endeavour, the FSPB will promote, advocate and facilitate the identification, development and the adoption of professional and ethical standards across all sectors of the financial services industry. The primary purpose of such standards will be to clearly define the expected level of performance and ethical conduct that financial services professionals are required to achieve in the service of the public.