Federal Reserve Bank of Cleveland President Sandra Pianalto said so-called living wills to outline how failing banks will be shut down will help increase regulatory transparency for investors.

“Successfully addressing the ‘Too Big To Fail’ problem requires the establishment of a credible resolution process, one that appears capable of safely managing the failure of systemically important financial institutions in times of distress,” Pianalto said in remarks prepared for delivery at a conference at the Fed Board in Washington.

“Achieving this credibility will, in turn, require a fair amount of informational and regulatory transparency,” she said. Policy transparency will lead to greater credibility.