It would also entail a judgment as to how large and complex a firm needs to be in order to achieve significant economies of scale and scope that carry social benefit. Depending on the answers to these questions, there may be a need to balance the relevant costs and benefits.
There would also be important secondary questions such as whether to exclude from a firm’s calculated liabilities only insured deposits and which asset base to use in calculating non-deposit liabilities. And depending on how Congress answered all these questions, there could well be need for defining transition periods and compliance margins.