New bill coming on resolution authority: Rep Frank

[Judi Lynn]

Source: Reuters

New bill coming on resolution authority: Rep Frank
Tue Oct 20, 2009 2:41pm EDT

WASHINGTON (Reuters) - The Obama administration will release a new draft bill this week or next on "resolution authority," or empowering the government to deal with large, failing financial firms, the chairman of a key U.S. congressional committee said on Tuesday.

Representative Barney Frank, a Democrat, said his committee will complete work on the administration's proposed Consumer Financial Protection Agency, or CFPA, "probably tomorrow."

He said the committee next week will take up legislation in a working session, or markup, on credit-rating agencies, establishing a National Insurance Office in the Treasury Department, and mandating federal registration of hedge funds and other private pools of capital.

"That markup will be a week from today," Frank said at the outset of a working session on the CFPA bill.


Read more: http://www.reuters.com/article/politicsNews/idUSTRE59J4VL20091020?rpc=401

[SpartanDem]

1. This might the single most important in reform

a lot of pain could be saved the government could've dealt with non bank financial firm like regular banks.

[alfredo]

2. This will drive Faux News crazy!