WASHINGTON — Federal Reserve Board Gov. Jerome Powell said efforts by regulators to eliminate "too big to fail" could take years to complete, but said the agencies must be given a chance to make them work.

"It seems to me that efforts by U.S. and global regulators to fight 'too big to fail' are generally on the right track," Powell said in a prepared speech before the Institute of International Bankers conference. "The 'too big to fail' reform project is massive in scope. In my view, it holds real promise. But the project will take years to complete. Success is not assured."

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