Judd Gregg, CEO of the Securities Industry and Financial Markets Association, and Federal Reserve Bank of Dallas President Richard Fisher have different approaches on how best to limit taxpayer exposure to the biggest banks. While Fisher favors extending government guarantees only to commercial-banking portions of bank holding companies, Gregg prefers an option touted by Sen. John Cornyn, R-Texas. "You basically create, on the 'too-big-to-fail' issue, a bankruptcy option, rather than have some sort of arbitrary capital requirements," Gregg said.

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