Arthur Levitt, former chairman of the Securities and Exchange Commission and a Goldman Sachs adviser, writes that the Senate should focus on drafting a meaningful regulatory-revamp bill that would address the issues of "too big to fail" and "too interconnected to fail." A resolution authority, Levitt argues, is the solution. "If a bank or financial institution should require the direction of a resolution authority, failure might not be the only option, but it would remain the first one," Levitt writes. "That prospect alone would reintroduce the risk of failure in our financial markets."

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