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The Boston Globe

Business

Official seeks simple rules to prevent bank bailouts

The federal government should adopt simple, transparent, and easy to enforce rules to ensure that taxpayers won’t have to bail out large banks to prevent damage to the broader financial system, Charles I. Plosser, president of the Federal Reserve Bank of Philadelphia, said Thursday.

Plosser, speaking at a finance conference at Boston College, said that laws put in place after the 2008 financial crisis — ostensibly to avoid future bank rescues — are riddled with complex rules and requirements that drive businesses to find ways to avoid them.

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