RJ and Makay

The financial overhaul encompassed in the Dodd-Frank Act requires regulators to tackle the notion that big banks are too big to fail.  In yesterday’s testimony before the Senate Banking Committee, several top regulators said that new rules facing Wall Street adequately address issues to protect our financial system.

Some Republican lawmakers have taken issue with that claim, saying Dodd-Frank does little to end the too-big-to-fail problem where financial institutions become so large and interconnected that the government is left holding the bag in a crisis.

U.S. Representative Barney Frank was quoted by Bloomberg News that the only death panels created by congressional Democrats will protect taxpayers from ailing financial companies, not ration care to sick individuals as Republicans have claimed.

Republicans including Sarah Palin, the former Alaska governor, accused Democrats of planning death panels for the elderly during debate over health care legislation last year, citing a provision for end-of-life counseling.