House committee toughens plan for "too big to fail" firms

11/18/2009 | Reuters

The House Financial Services Committee, led by Rep. Barney Frank, D-Mass., has rejected a Republican measure for dealing with financial firms deemed "too big to fail." Instead, the panel amended a Democratic bill. "We're considering several amendments that would make the bill substantially tougher on those companies that pose a systemic risk to the entire financial system," Democratic Rep. Brad Miller said. "Amendments that we'll see [today] and Thursday ... will make the bill tougher than what we got from Treasury."

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