David Scott actually said...

We created the Fed in 1913 for a single reason: to be the lender of last resort.

We shouldn't do that again. So, I am skeptical whether all of these resolution procedures will actually be used.

My primary concern is, and I agree with Congressman Sherman, that we need to take all costs and all benefits into account here.

Quite frankly, Congressman, I think we have a history of not wanting to see what happens when we don't bail out banks.