If the Holy Grail of financial reform is ending large financial firms’ status as “too big to fail,” most observers agree it remains elusive. The Dodd-Frank Act purported to solve the problem through the creation of a new mechanism for the resolution of failed financial behemoths called the Orderly Liquidation Authority (OLA). As it was outlined in the statute, however, the OLA was widely deemed inadequate. Now, pursuant to their Dodd-Frank authorities, regulators are poised to adopt a new resolution approach that has reanimated hopes for a credible solution to the too-big-to-fail problem. The approach combines a strategy of “single point of entry” (SPOE) resolution for systemically important financial institutions (SIFIs)—involving the resolution of the SIFI’s parent holding company while leaving its operating subsidiaries untouched—with a requirement that SIFIs issue a minimum amount of long-term debt. This piece briefly describes the problem this proposed approach aims to solve and assesses its likely efficacy, focusing on the long-term debt requirement. The good news is that the long-term debt requirement will likely improve financial stability and reduce the probability of bailouts. We should nevertheless view with skepticism the claim that the long-term debt requirement and the SPOE approach provide a definitive solution to the too-big-to-fail problem.