We agree completely with the administration's approach -- actually, with Elizabeth Warren's approach -- to consumer protection. (We make this clear in 13 Bankers.)
But the sticking point is "too big to fail." Mr. Geithner's Treasury (and Senator Dodd's bill) continue to rely on the complete illusion that a resolution authority (i.e., an augmented bankruptcy process for banks) based on US law will do anything to help manage the failure of a large cross-border financial institution. It simply will not.
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