Dems will defend bailout fund
April 20, 2010 | federal legislation, industry, regulation | Comments (0)This fund has become a hot issue. From Politico:
Senate Democratic leaders plan to stand behind the $50 billion fund maligned by Republicans as perpetuating Wall Street bailouts, agreeing at a leadership meeting Monday that they wouldn’t give it up without gaining GOP votes in return, according to a Democratic aide familiar with the discussions.
Democrats have been put on the defensive by Minority Leader Mitch McConnell (R-Ky.), who has cited the fund as reason to oppose the financial regulatory reform bill, and the administration, which described the fund late last week as not “essential” to the overall legislation.
Sen. Susan Collins (R-Maine) said Treasury Secretary Tim Geithner told her Monday that he was willing to eliminate the fund, which would be financed by large firms and used to wind down failing institutions.
But Majority Leader Harry Reid (D-Nev.) and his leadership team intend to put up an aggressive defense of the fund – at least for now.
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