Senate nixes taxpayer bailouts

[Cees Binkhorst]

REPLY TO: D66 at nic.surfnet.nl

Met 96-1 lijkt het me haast zeker dat deze amendment in de uiteindelijke
wet komt.

Groet / Cees

Senate nixes taxpayer bailouts
http://www.swamppolitics.com/news/politics/blog/
Posted May 5, 2010 4:35 PM
The Swamp

by Janet Hook

The Senate, beginning work on amendments to a sweeping overhaul of Wall
Street regulation, today voted to establish the principle that the era
of government-funded bank bailouts is over - and adopted a bipartisan
compromise establishing new procedures for averting another financial
meltdown on a par with the 2008 crisis.

On a 96-1 vote, the Senate adopted an amendment by Sen. Barbara Boxer
(D-Calif.) declaring that no taxpayer funds will be used to shore up
failing financial institutions.

The Senate also adopted, 93-5, a hard-won bipartisan compromise that
dropped a proposal to set up a $50-billion fund to cover costs of
liquidating failing firms. Although the fund was to be created with fees
paid by banks, Republicans called it an invitation to future bailouts.

With the adoption of those bipartisan amendments - the first since the
sweeping bill came to the Senate floor last week - the way was cleared
for more than a week of debate on even more contentious issues.

Republicans want to scale back the bill's proposal to establish a new
bureau within the Federal Reserve Board to focus on consumer protection
in investments and finance.

Also likely to be changed are strict new rules and transparency
requirements for derivatives, complicated and often risky financial
contracts that were a big part of the 2008 Wall Street meltdown.

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