Sen. Chris Dodd (D-Conn.) revealed his long-anticipated financial reform bill Monday, which he said would provide a better regulatory framework than the existing system that has grown “hopelessly inadequate” in the wake of the financial crisis.
The bill, Dodd said, would prevent a future bailout by providing a mechanism for the government to shut down failing institutions that are threatening the economy through either bankruptcy or resolution
“Never again should the American taxpayer be asked to write a check because of an implicit guarantee that the federal government will bailout a company when it collapses if it threatens the stability of the economy as a whole,” Dodd said.
it will be a HUGE step forward in bringing the US economy back into line when this gets passed and goes into effect. It’s amazing that the banks were able to get so large to begin with.