Tags: US | Financial | Overhaul | Fund

Treasury: Drop $50 Billion Fund From Banking Bill

Friday, 16 Apr 2010 03:34 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The Obama administration is urging Senate Democrats to drop a $50 billion bank liquidation fund from a financial regulation bill.

The money has become a target of Republicans, who have branded the fund a Wall Street bailout.

A senior Treasury official said Friday the administration does not support the fund and that it is unnecessary.

Under pending Senate legislation, large financial institutions would provide the $50 billion, which the Federal Deposit Insurance Corp. would use to pay for dismantling giant failing firms.

Republicans are unified in their opposition to the regulation bill and say the fund would encourage banks to take excessive risks.

The administration instead wants the costs of liquidation to be paid by the financial industry after a firm has failed and been dismantled.

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 This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

NYT: Accounts Vary Widely on Key Elements of Ferguson Shooting

Tuesday, 19 Aug 2014 23:27 PM

A St. Louis County grand jury in Missouri will hear evidence on Wednesday in the shooting death of Michael Brown by a wh . . .

Lt. Gen. Honore to Ferguson: Put Down Guns, Let People Speak

Tuesday, 19 Aug 2014 22:39 PM

The police response to protests in Ferguson, Missouri, is just making things worse, and officers should put down their g . . .

Mother Mourns US Journalist Purportedly Beheaded by ISIS

Tuesday, 19 Aug 2014 22:28 PM

The mother of American journalist James Foley, who was purportedly beheaded by Islamic militants, said on Tuesday her so . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved