Boston Fed Chief: Banks Still 'Too Big To Fail'

The president of the Federal Reserve Bank of Boston, Eric Rosengren, said more needs to be done to shore up the country’s financial system to prevent another “Great Recession.”

In a speech Wednesday morning, Rosengren said the Dodd-Frank financial reform law made "significant changes," but said there are still banks that are “too big to fail” and that stronger regulations are necessary.

"It is critical that we focus on strengthening the financial architecture," Rosengren wrote in prepared remarks, "so that the struggles of one institution or a group of them no longer poses risks to the broader global economy."

Rosengren spoke at a Fed conference on the long-term effects of the recession.