WASHINGTON — More than a year after the Dodd-Frank Act was supposed to put the issue to rest, the question of whether "too big to fail" still exists is once again consuming the financial services industry.

Moody's Investor Services provided powerful ammunition Wednesday to those who argue the regulatory reform law ended the era of bailouts by downgrading the long-term rating of Bank of America Corp. and Wells Fargo & Co., as well as the short-term rating of Citigroup Inc., citing increased probability that the government would let such firms fail.

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