to make a potential failure easier to manage. One option is to make them issue more long-term debt so that if a lender fails, there are investors who can be forced to convert their holdings into equity.The super-regionals, however, already draft so-called living wills outlining how they could be safely dismantled in a crisis. They are also much simpler than their bigger rivals, lacking international networks and complex trading businesses.
The regulatory plan also is half-baked if the idea is to make the financial system more competitive. Watchdogs say they fear a scenario where, say, U.S. Bancorp fails and needs to be absorbed by JPMorgan, making the biggest banks even bigger. That would be a bad outcome. A better way to keep mega-banks in check is to allow their smaller rivals to grow larger.The chief executives of PNC Financial Services, Truist Financial and U.S. Bancorp testified in congressional hearings on Sept. 21 and Sept.
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