Senate Approves 'Too Big To Fail' Compromise

Law360, New York (May 5, 2010, 6:28 PM EDT) -- The U.S. Senate began work on a series of amendments to financial regulatory reform legislation on Wednesday, voting 93-5 to approve a measure from Sens. Christopher Dodd, D-Conn., and Richard Shelby, R-Ala., that eliminates a $50 billion resolution authority fund to wind down failing firms.

After breaking through a partisan deadlock that delayed votes from starting earlier this week, senators gave their overwhelming approval to the Dodd-Shelby amendment, along with several other measures that will be added to S. 3217, the Restoring American Financial Stability Act,...
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