The budget proposal drafted by House Budget Committee Chairman Paul Ryan
's, R-Wis., would discard major elements of the new financial reform law relating to how the government should handle future financial crises, The Hill reports
“Their [Democrats’] ﬁnancial overhaul is not reform. Its fundamental architecture expands and centralizes power in Washington, doubling down on the root causes of the 2008 crisis," Ryan's plan says. "This budget would end the regime now enshrined into law that paves the way for future bailouts."
Ryan’s proposal would drop a pair of stipulations from the Dodd-Frank law -- one that permits the new Financial Stability Oversight Council to list non-bank companies as "systemically significant," and another that would let the Federal Deposit Insurance Corporation (FDIC) close large financial firms that are failing.
© 2013 Newsmax. All rights reserved.