Senate Considers Special Court For Failing Banks

Law360, New York (January 12, 2010, 2:53 PM EST) -- Members of the U.S. Senate Banking Committee are reportedly weighing a proposal that would create a special bankruptcy court for failing financial institutions, in order to toughen resolution authority reform efforts designed to end taxpayer bailouts for “too big to fail” firms.

The rumored plan would create a two-step process for unwinding financial firms deemed systemically risky by federal regulators, first forcing firms into a preferential option for bankruptcy and then, if bankruptcy fails, allowing federal regulators to step in and oversee the orderly dismantling of...
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