WASHINGTON — With the Federal Reserve's finalization of a rule designed to quickly recapitalize a failed megabank, some large institution representatives are saying the era of "too big to fail" is effectively over.

Greg Baer, president of the Clearing House Association — which represents many of the largest U.S. banks — said the rule was the "final piece of the regulatory puzzle" to ensure that taxpayer bailouts are a thing of the past. He cited previous efforts, as well as regulators' decision to approve four of five big banks resolution plans this week, as proof regulators had taken the steps they needed to.

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