By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter.
The House Financial Services Committee voted 31 to 27 December 2 in favor of a broad legislative package that targets systemic risk by allowing a new council of regulators to break up large, failing financial firms that are considered a risk to the economy. The bill also seeks to put an end to taxpayer bailouts of troubled institutions.
House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., said he expects H.R. 3996, the Financial Stability Improvement Act, to move to the House floor next week for three days of debate, followed by a vote.
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