April 14, 2010

From the SenateDemocrats — April 14, 2010:

According to Senate Minority Leader Mitch McConnell, somehow Senator Chris Dodd's Wall Street reform legislation is pro-bailout. "If you need to know one thing about this bill, it's that it would make it official government policy to bail out the biggest Wall Street banks," said McConnell. Dodd rose to set the record straight on McConnell's claims today. "Suggesting somehow that there's a bailout provision in this bill -- nothing could be further from the truth," Dodd explained. "The bill, as drafted, ends bailouts. Nothing could be more clear in the legislation. And let me tell you how we do it...This bill imposes tougher standards on large, risky Wall Street firms. It eliminates the federal government's capacity to bail out financial companies and it requires that the financial firms write their own shut down plans an even pay for the liquidation process if it's needed."

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