John Crawford and Tim Karpoff: A notably bitter battle over financial reform in the wake of the crisis of 2008 has centered on the Swap Pushout Rule: a Dodd-Frank mandate that federally insured depository institutions—i.e., banks—refrain from entering into certain derivatives contracts. After several of the largest U.S. financial institutions successfully lobbied to roll back the Rule, the rollback inspired intense criticism, but the critiques have not accurately reflected what is really at stake for the banks or the public. While the Rule was sold as an anti-bailout measure, this Article argues that the Rule would have been ineffective as a means of preventing further bailouts of systematically important bank holding companies. The Article further argues that the primary reason systematically important bank holding companies care about the Rule is that it costs more to fund these swaps if they are booked at a different legal entity, such as a broker-dealer, rather than at a bank.