WASHINGTON — Federal Reserve Board Gov. Daniel Tarullo said Wednesday that limiting government protection to depository institutions or slashing the size of banks would do little to address problems posed by companies considered "too big to fail."

His comments to the Exchequer Club came a day after Mervyn King, the governor of the Bank of England, said governments should protect only the vanilla aspects of banking, carve out riskier trading activities and shrink the size of mammoth companies.

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