Abby McCloskey, program director of Economic Policy at the American Enterprise Institute, believes what defines a bank as a systemically important financial institution should be reexamined. 

McCloskey states that many of the banks that have been designated as systemically important under the 2010 Dodd-Frank Act do not pose a threat to economic stability nor did they have a hand in the current financial crisis.

"SIFI is not synonymous with Wall Street. While the six big-name Wall Street banks are included, the other twenty-seven SIFIs are Main Street banks, like M&T Bank out of Buffalo, KeyCorp out of Cleveland and Regions Financial out of Birmingham. These banks bear none of the traditional markings of being 'too big to fail,'" she adds.

For the full piece see "Only Congress Thinks Main Street Banks Are TBTF" (may require subscription).