Daniel Tarullo, the Federal Reserve’s point man on financial regulation, said the U.S. effort to ensure Wall Street banks aren’t too big to fail isn’t finished yet, but that he believes the progress regulators have made will stick even after the Trump administration replaces him.
The Fed and other agencies have made major strides in creating structures that would allow big financial firms to be safely wound down after a failure, Tarullo said Wednesday in a Bloomberg Television interview with David Westin and Carol Massar. Regulators still need to bolster the financial system against the potential for broad runs on capital like those seen during the 2008 credit crisis, he said.
