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On the Hill

Senate to Create Bank-Rescue Fund

To wind down failing firms.

So where’s the money from the proposed fee on large financial institutions going to go? Apparently to a fund to rescue banks in case of future collapses. Bloomberg reports that senators are closing in on a deal that would create a $50 billion trust fund to be used to wind down failing financial institutions. The fund would allow future rescues to take place without resorting to taxpayer dollars. The House has already passed legislation to create a much larger, $150 billion fund.

Read it at Bloomberg

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