According to the Washington Post, five of the country’s largest banks, including JPMorgan Chase and Bank of America, still do not have credible plans for winding down their operations without taxpayer help if they start to fail.

Questions:
1.How long do these banks have to submit their detailed bankruptcy plans to requlators?
2. What are the consequences if they do not meet this deadline?
3. What was the name of the 2010 legislation that is aimed at preventing a repeat of the taxpayer bailouts?
4. What companies have regulators identified as financial firms, apart from banks, that could pose a threat to the economy?
5. Why does GE claim that it is no longer one of these threats?

Source:

Merie, R. (2016). Regulators reject plans of 5 big U.S. banks for preventing another taxpayer bailout. The Washington Post, April 13.(Retrievable online at https://www.washingtonpost.com/news/business/wp/2016/04/13/regulators-reject-the-plans-of-5-large-u-s-banks-for-preventing-another-taxpayer-bailout/?hpid=hp_hp-top-table-main_banks-835am%3Ahomepage%2Fstory).