WASHINGTON — Senate Banking Committee Chairman Chris Dodd's regulatory reform bill is generally winning praise for provisions giving the government more power to smoothly unwind a large, systemically important firm, but is also raising a host of practical concerns observers say could undermine its effectiveness.

Chief among them are whether the Federal Deposit Insurance Corp. could handle such a failure, if a proposed judicial review would have any impact and if a $50 billion resolution fund would simply spur more bailouts.

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