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May 11, 2012

Washington collides on handling failed firms

“Two events closely watched by the financial industry Thursday, May 10, highlighted how much at odds federal policymakers are with each other over the nearly 2-year-old Dodd-Frank financial reform law.”

“As the House of Representatives was preparing to pass legislation that would eliminate the new law’s Orderly Liquidation Authority, which gives the Federal Deposit Insurance Corp. power to liquidate failed financial conglomerates, the FDIC’s acting chairman, Martin Gruenberg, was outlining how the FDIC would carry out its duties under the OLA.”

“A consumer group praised Gruenberg’s explanation, suggesting it would send a message to Wall Street. ‘Chairman Gruenberg’s message from today should be clear: the markets should understand that there won’t be any bailouts next time,’ said Dennis Kelleher, president and CEO of Better Markets.”

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Read full article from The Deal here.

 
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