Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., said if regulators fully apply the power they have been granted by the Dodd-Frank act, they can avoid a repeat of the financial crisis. "The new resolution powers, the enhanced regulatory and supervisory cooperation mandated in the law, and the resolution planning authority provide an infrastructure to end 'too big to fail,' " Bair told the Financial Crisis Inquiry Commission. "Applying high standards for transparency and simplification of overly complex financial firms must be pursued aggressively to make this a reality."

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