Approve amendment to financial reform bill
Pantagraph – The Senate will likely vote on financial reform legislation this week. A resolution authority is proposed to orderly dismantle large financial institutions that fail. Critics argue that this committee still could not manage a failure of one of our half dozen largest megabanks.
Sens. Sherrod Brown and Ted Kaufman proposed a sensible measure last week to “re-enforce” a 1994 law that limits the percentage of the nation’s deposits held by any single bank. Large firms have obtained waivers and used loopholes to exceed this ceiling.
