In response to repeated charges from Republicans that the Dodd-Frank Wall Street Reform and Consumer Protection Act enshrines too-big-to-fail policies, Barney Frank issued a paper analyzing how the legislation ends them.

"It accomplishes this result through two basic means — first, by providing a set of tools to ensure that large, complex financial firms and the financial system in which they operate are more stable and transparent, and that regulators can supervise the financial system and its constituent parts more effectively; and second, by ensuring that a failing financial firm can fail in a fashion that minimizes risks to the financial system without any ultimate cost to taxpayers," the paper says.

The paper also "argues that an alternative 'modified bankruptcy' plan floated by Republicans when the law was being developed would have done more harm than good," writes American Banker's Victoria Finkle.

For the full piece see "Frank Strikes Back at Romney Over Reform Law" (may require subscription).