Dodd to change bill after warning from FDIC's Bair:

03/22/2010 | Wall Street Journal, The

Sheila Bair, chairman of the Federal Deposit Insurance Corp., warned that a provision in the latest version of the financial regulation legislation could result in "backdoor" rescues. Bair's comments prompted Sen. Christopher Dodd, D-Conn., chairman of the Senate banking committee, to agree to change the provision. A Dodd spokeswoman said he would change a part of the bill that would have given the Federal Reserve the authority to use emergency powers to extend loans to a "financial market utility," which would include only companies deemed "systemically important."

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