May 6, 2010
- A d v e r t i s e m e n t
The Senate has overwhelmingly approved two measures aimed at ending taxpayer-funded bailouts of banks and Wall Street firms considered “too big to fail.” That means financial-overhaul legislation
On one amendment to financial-overhaul legislation, senators voted, 93-5, to drop a $50 billion industry-supported fund to pay for the “unwinding” of failing firms. That means shareholders and unsecured creditors will bear losses when the government liquidates a business, Bloomberg writes.
The second amendment, which passed on a 96-1 vote, prohibits the use of taxpayer money to rescue failing financial firms. Both measures were pushed by Republicans.
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