On June 3rd, the FDIC approved the creation of the FDIC Advisory Committee on Systemic Resolutions. The Committee, authorized by the Dodd-Frank Act, was formed to advise the FDIC on the effects on financial stability and economic conditions resulting from a systemically important company's failure; how resolution strategies would affect stakeholders and customers of these entities; the tools available to the FDIC to wind down the operations of a failed organization; and the tools needed to assist in cross-border relations with foreign regulators and governments when a systemic company has international operations. The committee will not have formal decision-making authority and is expected to meet at least semiannually. The first meeting is scheduled for June 21, 2011. FDIC Press Release; Meeting Notice.