The U.S. government would be given broad new powers to shrink financial firms deemed "too big to fail" and shift the cost of rescuing troubled companies from taxpayers to other large firms, according to draft legislation released Tuesday.

Question: What needs to happen so that we will have no companies “too big to fail”? Paul Solman: Come up with incentives that induce big companies to slim down, or disincentives that punish them if they don’t. What’s startling…

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