JOHN E. SUNUNU
Peering back into the bank abyss
Speaking in Philadelphia last week, Federal Reserve Governor Dan Tarullo made news by calling on Congress to set a hard cap on the maximum size of American financial firms. It may have sounded like tough regulatory talk. In reality, it was an admission of abject failure. Remember Dodd-Frank, the financial reform to end all financial reform? The legislation designed to deliver stability, solvency, and the end of “too big to fail”? Tarullo’s stance means that the 1,300 pages and 400 regulations of Dodd-Frank didn’t get the job done.