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Full interview with Larry Summers on banks

Former Treasury Secretary Larry Summers believes the Fed may not be ready to deal with a potential recession as big banks are not any safer now than they were before the 2008 financial crisis. Those are the views expressed by the economist during a CNBC interview and in a white paper for the Brookings Institution published Thursday.

"I don't think one can simply be complacent and assume that we've now created some kind of system where, because we measure less leverage in a regulatory context, we can assume that the institutions are far safer," he said.

Only PRO subscribers have access to the full interview, which was originally broadcast on "Closing Bell."