Geithner Faces Down 'Too Big To Fail' Bill Critics

Law360, New York (October 29, 2009, 3:25 PM EDT) -- U.S. Treasury Secretary Timothy Geithner on Thursday defended a proposal to create a new wind-down authority for "too big to fail" companies, which critics in the U.S. House of Representatives said could stretch federal authority too far while changing too little about future bailouts.

The draft of the Financial Stability Improvement Act, unveiled by House Financial Services Committee chairman Barney Frank, D-Mass., on Tuesday, would create a new interagency federal council with the power to monitor and oversee risk-taking in the biggest U.S. financial companies and...
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