Approve amendment to financial reform bill

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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.

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