Simon Johnson: Progress On Letting Big Banks Fail

New York Times:

The drafters of the Dodd-Frank financial reform law got an important thing right. Despite fierce pushback from the banks -- and lackluster support from the White House at critical moments -- the legislators communicated a key new intent: megabanks must be able to fail, and the Federal Deposit Insurance Corporation should be in charge of that liquidation process.

Read the whole story: New York Times