He even called on Congress to consider new ways to assist the orderly unwinding of a big securities company (the way the FDIC handles the liquidation of a bank, for example), urging it to work with the Treasury Department on ideas.

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The letter says that on Friday 10 October 2008, the bank's non-executive directors agreed that Sir Fred should leave the bank "and that it was in the company's interest for there to be an orderly handover to his successor".

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One provision of the Act, Title II, creates an Orderly Liquidation Panel charged with determining if a company on the brink of collapse can be placed into receivership under the Federal Deposit Insurance Corporation (FDIC).

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