Sen. Dodd plans to change bill after warning from FDIC's Bair

03/22/2010 | Wall Street Journal, The

Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., warned that a measure in the latest version of legislation overhauling financial regulation could result in "backdoor" rescues. Bair's comment prompted Christopher Dodd, chairman of the Senate banking committee, to agree to change the provision. A spokeswoman for Dodd said he will change a part of the bill that would give the Federal Reserve authority to use emergency power to extend loans to a "financial market utility," which would include only companies deemed "systemically important."

View Full Article in:

Wall Street Journal, The

Published in Brief: