I will focus my remarks today on the ongoing regulatory challenges associated with large, systemically important financial institutions, or SIFIs.1 In part, this focus amounts to asking a question that seems to be on everyone’s mind these days: Where do we stand with respect to fixing the problem of “too big to fail” (TBTF)?
Are we making satisfactory progress, or it is time to think about further measures? I should note at the outset that solving the TBTF problem has two distinct aspects.