October 26, 2009 / 3:14 PM / 10 years ago

White House: resolution authority principles soon

WASHINGTON (Reuters) - The Obama administration will send basic principles to Congress soon for dealing with the “too big to fail” problem among large, non-bank financial firms, a White House official said on Monday.

“In the coming days, the president will send a letter to Chairman Dodd and Chairman Frank setting out principles to guide the process,” a White House official said, referring to House of Representatives Financial Services Committee Chairman Barney Frank and Senate Banking Committee Chairman Christopher Dodd.

Further details on the administration’s new approach to “resolution authority,” or empowering the government to deal with large, failing firms, had been expected by some lobbyists and congressional aides as early as Monday.

Reporting by Kevin Drawbaugh, Editing by Chizu Nomiyama

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