I like this.

It appears that theHouse Financial Services Committee has gotten to work on a resolution (i.e. liquidation) process for failed mega-banks, and at its core is the idea that financial firms with more than $10 billion in assets would pay for the cost of unwinding failed firms:

The proposal would require financial firms with more than $10 billion of assets to pay for the unwinding of a collapsed competitor. The measure would also give the Federal Reserve the power to direct any large financial holding company to sell or transfer assets or stop certain activities if the central bank determined there could be a “threat to the safety and soundness of such company or to the financial stability of the United States.” This suggests the Fed would win new authority to order companies to shrink.

It’s a good step, though I really don’t want this under the Fed.

They have already proved themselves to be completely captured by Wall Street.