On October 4th, FDIC Chairman Sheila Bair spoke on reforms needed in the financial services industry. She called for higher capital requirements, minimum securitization requirements and the oversight of derivatives. Bair discussed the need for, and possible structure of, a resolution mechanism for systemically important financial firms. A resolution authority should consider imposing an 80% limit on the claims of secured creditors as a means of discouraging risky institutional behavior. Bair Remarks.