Rep. Frank says bankruptcy awaits failing banks

10/26/2010 | Bloomberg

Rep. Barney Frank, D-Mass., said that banks that are collapsing won't be protected as they were during the credit crunch from bankruptcy. The Dodd-Frank Act gives the government the power to unwind failing banks that could threaten the broader financial system. "We do have death panels," Mr. Frank said. "Not for old ladies under health care reform, but for financial institutions under Dodd-Frank."

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