02/02/2012 09:25 am ET

Simon Johnson: Progress On Letting Big Banks Fail

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.

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