Too big to fail firms face new rules

US regulators yesterday laid out plans for dismantling “too big to fail” financial firms to avoid future bailouts or bankruptcies. The Dodd-Frank financial-overhaul law is aimed at giving government powers they lacked in 2008 when big financial firms that weren't organised as banks were collapsing. Under new rules the Federal Deposit Insurance Corp can take over failing firms, set criteria for paying creditors and fire company management.