The Federal Deposit Insurance Corp. advanced a proposal aimed at overhauling part of the $4 trillion asset-backed securities market and introduced a rule that would require the biggest U.S. banks to submit “funeral plans” to handle their possible collapse.

The FDIC board voted 3-2 on Tuesday to release for comment a measure requiring sellers of securitized loans to keep 5 percent of the credit risk in exchange for safe-harbor protection that makes the bonds more attractive to investors. The proposal aims to bolster a market whose collapse helped trigger the 2008 financial crisis, FDIC Chairwoman Sheila Bair said Tuesday.

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