Bipartisan agreement is forged on financial-services-reform bill

05/6/2010 | Business Insurance (tiered subscription model)

Senate Banking, Housing and Urban Affairs Committee Chairman Sen. Chris Dodd, D-Conn., said he and Sen. Richard Shelby, R-Ala., agreed to scrap a provision in financial-services-reform legislation that would create a pre-funded $50 billion resolution fund for troubled financial firms. "Because, whether they pay in advance or after the fact, these costs will be paid by Wall Street and not taxpayers, I have no objection to dropping that provision," said Dodd.

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