Sen. Dodd won't support plans for bank rescues

04/30/2010 | Bloomberg

Senate banking committee Chairman Christopher Dodd, D-Conn., endorsed a proposal that would ban taxpayer-backed rescue plans for big banks. "No longer will there be that implicit understanding if a major or even less than major institution starts to fail that somehow it's going to get propped up by taxpayer dollars," Dodd said. The endorsement was an effort by Dodd to ease Republican concerns as debate by the full Senate opened on regulatory-reform legislation that Dodd drafted.

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