US house panel approves breaking of “Too big to fall” firms
The US government has done the first decisive step to give the full power to regulatory authorities to break the so called “Too big to fall” companies. A US house panel has voted in favor of the bill and now it will be taken up by the US senate and the house of representatives.
They are also expected to vote in favor of the bill, which might be used as a strong tool by the government to break too big sized companies well before they become dangerous. The financial meltdown has been caused by the collapse of the top five firms in US and the Obama administration does not want to allow a repeat of the episode again.