On August 30, 2023, the Systemic Risk Council (the Council) offered its response to the U.S. Securities and Exchange Commission’s proposed Covered Clearing Agency (CCA) Resilience and Recovery and Wind-Down Plans’ proposal to improve CCAs’ ability to manage stressed markets through monitoring and margining practices. The Council strongly supports the Proposals as far as they go. The Council believes they contain incentives that should encourage CCAs to take steps that will prevent their becoming “systemic-risk transmitters and amplifiers.” At the same time, the Council believes the Proposals can be enhanced by considering a number of essential elements that would significantly augment resilience against a CCA’s failure, preventing almost certain systemic shockwaves that could undermine the stability of the financial system.