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Article: New tack on fund to dissolve failed firms; Support grows for companies to pay into account ahead of a crisis
- Article from:
- The Washington Post
- Article date:
- October 31, 2009
- Author:
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Rep. Barney Frank, chairman of the House Financial Services
Committee, indicated Friday his willingness to change gears and
support a provision that would require financial companies to pay
ahead of time into a fund that the government could use to wind down
large, troubled financial firms.
Legislation the Massachusetts Democrat put forward earlier this
week, in consultation with the Treasury Department, initially called
for companies with more than $10 billion in assets to be assessed
fees only after a large firm's collapse, rather than contributing
ahead of time into an insurance-like fund.
Lawmakers on both sides of the aisle, as well as Federal Deposit
Insurance Corp. Chairman Sheila ...