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April 14, 2016 6:18 am

Major US Banks Fail to Meet Safety Requirements to Prevent Recession

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Wall Street. Photo: WikiCommons

Wall Street. Photo: WikiCommons

New York Times – Five giant banks — including JPMorgan Chase and Bank of America — failed to fulfill a crucial regulatory requirement that Congress introduced after the 2008 financial crisis to help make large financial institutions less a threat to the wider economy, federal banking regulators said on Wednesday.

Congress demanded that big banks regularly provide regulators with careful plans, also known as living wills, for how they would enter bankruptcy in an orderly fashion.

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