Federal Reserve Chairman Ben Bernanke said Thursday that regulators’ central task in overhauling the financial system is ending the notion that there are some firms too big to fail.
The nation’s financial regulators are in the early stages of implementing a wide-ranging overhaul effort enacted by President Obama in July.
“The most important lesson of this crisis is we have to end ‘too big to fail,'” Bernanke testified to a blue-ribbon commission investigating the causes and consequences of the crisis. “There has to be a creditable way to let firms fail … This is not going to be easy to implement. These are large, complex firms.”
EUROZONE UNEMPLOYMENT STILL AT 10%