Congressional negotiators at the weekend hammered out a series of financial reforms that will, among other things, establish a new liquidation process for large financial firms to prevent sweeping bailouts like that implemented for AIG in September 2008. Lawmakers reached a compromise on the measures after a 21-hour negotiating session that lasted until early Friday morning. Final approval is expected this week. Under the new "orderly liquidation" rules, federal financial regulators will be able to seize and liquidate firms that are currently deemed too big to fail. In the current election cycle, incumbents have come under heavy criticism for backing large federal bailouts of AIG and other companies, even though many financial rescues were initiated prior to the last election in November 2008. Among other reforms agreed at the weekend, Wall Street investment banks will be required to spin off part of their derivatives operations. However, they will be permitted to retain some credit-default swaps and other derivatives to hedge their own risk. The reform package calls for $19bn in financing to be contributed by financial institutions.