http://www.truth-out.org/news/item/35620-fdic-fed-rulings-could-see-five-too-big-to-fail-wall-street-firms-broken-up-by-2018
"When Dodd-Frank financial reform was passed in 2010, Congress created an inter-agency body called the Federal Stability Oversight Council (FSOC) and gave it the power to declare certain banks, investment firms and insurance companies "SIFI" -- systemically-important financial institutions. The law concurrently forced outfits slapped with the SIFI-label to formulate living wills; to minimize the possibility of 2008-style market failure and publicly-funded bailouts, in the event of financial instability. "Each plan ... must describe the company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company," the Fed noted Wednesday. The eight banks whose living wills were assessed on Monday are the only SIFIs based in the United States. The Fed and FDIC are still assessing plans being written by four foreign SIFIs: Barclays PLC, Credit Suisse Group, Deutsche Bank AG, and UBS."
