Senate Blocks Measure To Break Up Too-Big Firms

Law360, New York (May 7, 2010, 2:15 PM EDT) -- The U.S. Senate has narrowly defeated an amendment from Sens. Ted Kaufman, D-Del., and Sherrod Brown, D-Ohio, to pose preemptive caps on the size, concentration and leverage of the nations' largest financial firms and banks, as work continues on marking up financial regulatory reform legislation.

Senators voted 33-61 late Thursday night to reject the Brown-Kaufman amendment, one of several votes taken on amendments to S. 3217, the Restoring American Financial Stability Act, sponsored by Senate Banking Committee chief Christopher Dodd, D-Conn.

The Brown-Kaufman amendment, as drafted,...
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