Federal Deposit Insurance Corp. Chairman Sheila Bair says regulators tackling the “too big to fail” problem need to train their sights on insurers and hedge funds as well as banks.

Speaking in Istanbul, Turkey before the International Institute of Finance, Bair said regulators need to scrap the “too big to fail” doctrine and reassess how they regulate systemically important institutions. Bair stressed for a new regulatory regime to succeed, it would need authority over non-bank institutions, such as insurance companies, as well.

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