The phrase “too big to fail” does not appear in the bill passed by the U.S. House or in any of Senate versions, including draft financial regulation reform legislation introduced by Banking Committee chairman Christopher Dodd. Yet it pervades the discussion of reforming financial regulation.
Most experts agree that dealing with the potentially disastrous consequences of the failure of large interconnected financial institutions is one of the most important parts of reform legislation. However, no consensus approach has yet emerged, and under any likely scenario “too big to fail” will likely remain an abiding concern.
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