House GOP Bill Would Gut FDIC's Big Bank Wind-Down Power

Law360, New York (April 13, 2012, 7:26 PM EDT) -- Republicans on the House Financial Services Committee on Friday said they plan to vote on a bill that would, among other things, eliminate the Dodd-Frank Wall Street Reform and Consumer Protection Act's resolution authority provisions for winding down failed major financial institutions.

The bill, which would also eliminate the Obama administration's Home Affordable Modification Program and make the Consumer Financial Protection Bureau subject to the congressional appropriations process, would shave $35 billion off the federal deficit and help to avoid mandatory spending cuts and tax increases...
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