Federal Reserve Chairman Ben S. Bernanke called on Congress to ensure that the costs of closing down large financial institutions are borne by the industry instead of taxpayers.
The Fed chairman called for a "credible process" for imposing losses on the shareholders and creditors, saying "any resolution costs incurred by the government should be paid through an assessment on the financial industry."
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was an associate editor at The Atlantic
from 2009 through 2011. He is now the Washington, D.C.-based columnist for Reuters Breakingviews
. He is also a 2011 Robert Novak Journalism Fellow through the Phillips Foundation.