WASHINGTON — The largest banks would need to submit "living wills" to federal regulators under a new proposal, as policymakers work on multiple fronts to more easily deal with large failing financial firms.

Federal Deposit Insurance Corp. staff on Tuesday proposed requiring roughly the 40 largest banks to submit detailed plans of how they could be split off from their parent company and be wound down by federal regulators. The plans would include detailed information on a bank's exposure to various counterparties, its capital structure and whether it is systemically important to the broader economy.

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