Hollace T. Cohen *

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was enacted on July 21, 2010. A key element of the Dodd-Frank Act is Title II, entitled Orderly Liquidation Authority. Title II of the Dodd-Frank Act is a new insolvency regime intended to end “too big to fail” bailouts by providing the United States government with the ability to appoint the Federal Deposit Insurance Corporation (the “FDIC”) as receiver to administer the orderly liquidation of a nonbank financial company or bank holding company whose failure presents systemic risk to the financial stability of the United States.

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*   Partner, Troutman Sanders LLP, New York, New York. J.D., New York University. Ms. Cohen’s practice includes the representation of secured and unsecured creditors, including lenders, bondholders, indenture trustees, trade creditors, lessors and lessees of real and personal property, and acquirers of assets in bankruptcy cases and out-of-court restructurings. Ms. Cohen would like to thank Brett Goodman, who also practices at Troutman Sanders, for his assistance with this article and Richard Lieb for his insightful comments.