The era of “too big to fail” banks is over, Federal Reserve chairman nominee Jerome Powell said Tuesday in a confirmation hearing.

Pressed by Sen. John Kennedy, R-La., to answer whether any too-big-to-fail banks remain, Powell responded, “I would say not.”

In saying that there are no more banks so big and powerful that they are sure to receive government bailouts if they falter, Powell went further than his predecessors have. It was also an answer that many senators didn’t want to hear.

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