•One purpose of the Dodd-Frank Act is to eliminate Too-Big-to-Fail (TBTF) banks.•We examine banks in special groups vs. banks not identified for special attention.•Special banks lean toward a positive reaction to the elimination of TBTF.•Banks not identified for special attention leaned toward a negative reaction.•Our results suggest that Dodd-Frank do not eliminate TBTF. One feature of the Dodd-Frank Act is the elimination of too-big-to-fail (TBTF) banks. TBTF is a government guarantee of large banks that has been shown to increase the value of these banks, so removing the guarantee should result in a price decline of TBTF bank stock. Using event study methods, we find very limited reaction to the process of eliminating TBTF. Specifically, there is limited reaction among the largest banks and banks receiving special attention, such as Systemically Important Financial Institutions (SIFI) banks. Instead, smaller banks not receiving special attention show some evidence of negative returns with the elimination of TBTF.