Financial Regulatory Forum

US Senate OKs plan for dismantling ailing financial giants – details

May 5, 2010

WASHINGTON, May 5 (Reuters) – The U.S. Senate on Wednesday approved an amendment to a sweeping Wall Street reform bill that would set up a new government protocol for seizing and dismantling large financial firms that are in distress.

Here is a description of the bipartisan plan, in a statement by Senate Banking Committee Chairman Christopher Dodd, a Democrat.

To see Dodd’s statement on the amendment, please click here:

http://banking.senate.gov/public/index.cfm?FuseAction=Newsroom.PressReleases&ContentRecord_id=6955c327-0098-7563-3002-3b2fd8baf89b&Region_id=&Issue_id=

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