Republicans in the House of Representatives repealed a part of Dodd-Frank that gave the Federal Deposit Insurance Corp. the power to liquidate failed financial institutions seized by the government. Republicans say the change will take $22 billion away from the federal deficit over the next ten years.
“What the Republican motion here does today is return us to 2008 where there is no capacity to deal, in a reasonable way, with a failed institution,” said Barney Frank, in a report published by Reuters.
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