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 This material may not be published, broadcast, rewritten or redistributed.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:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

One Killed in Virgin Galactic Spaceship Test-Flight Crash

Friday, 31 Oct 2014 14:36 PM

Virgin Galactic's SpaceShipTwo craft suffered an "anomaly" during a test flight over California on Friday, the commerci . . .

GOP's Baker Riding Comfortable Lead in Mass. Gov. Race

Friday, 31 Oct 2014 14:33 PM

Republicans are set to recapture the governorship of Massachusetts, a deep-blue state dominated by Democrats at all leve . . .

Scott Brown 'Right' on NH Geography, Debate Moderator Says in Apology

Friday, 31 Oct 2014 09:19 AM

During a debate Thursday night against New Hampshire Sen. Jeanne Shaheen, GOP Senate challenger Scott Brown was accused  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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