Word of the Week
"Systemic dissolution fund."
Too big to fail, huh? If the House of Representatives has is its way, maybe no one will be. In the much-discussed financial reform bill passed last week, the House included a provision that would create a "systemic dissolution fund," designed to assist in dissolving failing financial institutions, but which would not preserve them. And rather than asking taxpayers to pony up, the fund would draw capital from assessments on financial institutions with more than more than $50 billion in assets and hedge funds with more than $10 billion. Imagine that, companies will be responsible for their own failures! The Wall Street Reform and Consumer Protection Act passed in the House with a vote of 223-202, but without any Republican support. And now, it's on to the Senate.
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