Just before she took the stage for the third GOP debate, Republican presidential candidate Carly Fiorina went "On The Record."

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Fiorina reacted to Hillary Clinton saying on "The Late Show with Stephen Colbert" that she would let troubled banks fail.

"First of all, under Dodd-Frank, that is what will happen because we now have stress tests and I’m going to impose a risk fee on the big bank if they engage in risky behavior but they have to know – their shareholders have to know that, yes, they will fail and if they’re too big to fail," Clinton told Colbert. "Then under my plan and others that have been proposed, they may have to be broken up."

Fiorina said Dodd-Frank resulted in ten "too big to fail" banks becoming five even bigger banks. She noted that it also destroyed nearly 1,600 community banks.

"Once again, under these progressive policies, the big, the powerful, the wealthy and the well-connected are advantaged, and the small and the powerless are crushed," Fiorina said. "These are just words from Mrs. Clinton."

Fiorina added that she would also let troubled banks fail, but progressive policies have resulted in banks that are even bigger and more powerful.

"The big have gotten bigger and the small have gotten crushed. That is the consequence of Hillary Clinton and progressive policies."

Watch more above.

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