U.S. regulators given new powers to dismantle “too-big-to-fail” financial firms are still working to draw up so-called living wills-a central component of the toolkit needed to prevent future bailouts.
While the Federal Deposit Insurance Corp. gained the authority in the Dodd-Frank Act to seize and unwind systemically important firms, the agency is still pushing to finalize the living wills that outline how to dismantle the firms if they fail.
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