U.S. Banks Present Industry-Led Crisis Plan To Federal Reserve

U.S.banks reportedly presented the Federal Reserve with a bail-in plan to pay for large bank’s restructuring in the event of a future crisis, The Wall Street Journal reports. According to a report filed by Dan Fitzpatrick, Shayndi Raice and Michael R. Crittenden for The Wall Street Journal, the plan was presented to the U.S. Federal Reserve in an attempt to preempt tougher rules from the regulators. The private meeting was reportedly attended by officials from Wells Fargo & Company (NYSE:WFC), Bank of America Corp (NYSE:BAC), Citigroup Inc. (NYSE:C) and several other banks. Bail-in Mechanism The bail-in mechanism would be designed…