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Large US banks must report to regulators

WASHINGTON — The largest U.S. banks will be required to show regulators how they would break up and sell off their assets if they are in danger of failing.

The Federal Deposit Insurance Corp. voted 3-0 to approve the rules, which were mandated under the financial overhaul passed by Congress last year. They are designed to reduce the chances of another government bailout of Wall Street banks in the event of another financial crisis.

Among the banks affected are Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co.

The rules require banks with $50 billion or more in assets to submit plans to the FDIC, the Federal Reserve and the Financial Stability Oversight Council and send revised plans annually.