Is the Financial Sector Safe Enough Yet?
With the release of a new Treasury report, the US House of Representatives may finally stop pushing for a change to the procedure for restructuring failed banks that would amount to a step backward. Yet, to protect the economy from future mega-bank failures, much more work needs to be done.
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CAMBRIDGE – A decade after the global financial crisis, policymakers worldwide are still assessing how best to prevent bank failures from tanking the economy again. Two recent publications – one from the US Department of the Treasury, and another by Federal Reserve economists – provide an indication of where we are.