That’s the problem with only seeking to regulate the big banks, said Mayra Rodriguez Valladares, managing principal of financial regulatory and capital markets consultancy MRV Associates. When a bank sells off an asset, it has to find a buyer, likely from the nonbank, shadow financial sector.

“It doesn’t happen in a vacuum,” she said. “When you push one part of the balloon, the balloon moves to the left. When you push the left, it moves to the right.”

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