“Federal financial regulators have not fully finalized measures to make sure that major banks cannot depend on the federal government to bail them out in a crisis, according to the Government Accountability Office (GAO).

“A report from the GAO, which acts as Congress’s investigative arm, discovered that measures under the Dodd-Frank Act to limit future bailouts “are not yet fully implemented.”

“Lawmakers in the Senate say the report underscores that “too big to fail” banks have an implicit guarantee that the government will bail them out in the case of a crisis.

“According to the GAO report, the Federal Reserve has not completed procedures changing the way it grants emergency funding to banks during a crisis. It has also not set time frames for finishing the new procedures.”

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Read full The Hill article here