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But Dodd-Frank does more than FIBA: it created the OLA and OLF as well. In this sense, FIBA complements, rather than substitutes for Dodd-Frank. What most distinguishes Dodd-Frank from a pure Chapter 14 mechanism is OLF – the availability of temporary government funding. No intermediary, except for one that is 100% equity funded, will have adequate loss-absorbing capacity in every possible circumstance. As Adler and Philippon argue, the simplest solution is to have a temporary government funding backstop that acts much as ‘debtor-in-possession’ (DIP) funding works in ordinary bankruptcy procedures.
NOTE: The original audio file was split at all places where there was a second silence.
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