Although the Financial Crisis Inquiry Commission (FCIC) is primarily concerned with past events that caused the housing collapse, members of the panel challenged two top regulators Thursday over whether the recently enacted regulatory reform law had eliminated the possibility of future government bailouts.

At a hearing on "too big to fail" institutions, commissioners questioned if the new systemic risk council would have the political will to break up risky firms, raised concerns about "living wills," and wondered whether regulators will eventually be forced to provide assistance to large troubled companies.

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