Tags: US | Financial | Overhaul

Dodd, Shelby Forge Deal on Bank Liquidation in Reform Bill

Tuesday, 04 May 2010 04:19 PM

 

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Congressional officials say Democratic and Republican negotiators on a sweeping overhaul of banking regulations have agreed to jettison a $50 billion liquidation fund from the bill.

The fund would have been financed by large financial institutions and would have been used to cover the government's initial costs of taking down a giant failing firm. Instead, the new agreement requires the government to recoup the costs of liquidation from creditors, with other financial firms covering outstanding costs only as a last resort.

The agreement sets in place assurances Republicans received from Democrats last week that removed objections that had kept the bill from being debated.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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