Now that the House Financial Services Committee has wrapped up its debate over the proposed Consumer Financial Protection Agency, it will continue its important work on financial regulatory reform by turning its attention to policies to address systemic risk posed by the nation's largest financial institutions.

To prevent another calamitous government bailout of the financial industry, Congress must establish a regulatory framework that achieves two basic goals. First, it must subject all financial institutions, regardless of size, to meaningful market discipline. Second, it must enable large complex institutions to be resolved in an orderly manner and at no cost to taxpayers.

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