Federal Reserve Bank of Dallas President Richard Fisher called for an international pact to break up banks whose collapse would threaten the financial system — a position that goes beyond that of other Fed officials.

"The disagreeable but sound thing to do" with companies deemed "too big to fail" would be to "dismantle them over time into institutions that can be prudently managed and regulated across borders," Fisher said in a speech Wednesday at the Council on Foreign Relations in New York.

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