May 5th, 2010
05:34 PM ET

Senate OKs 'too big to fail' bank amendment

The Senate overwhelmingly passed its first major change to the Wall Street reform package Wednesday, approving a bipartisan deal to unwind big financial firms that are considered too big to fail.

The Senate vote, 93-5, signaled that Republicans are working with Democrats to move forward on the financial overhaul package, after agreeing last week to let debate begin.

Sen. Christopher Dodd, D-Conn., worked with Sen. Richard Shelby, R-Ala., for weeks on changes to a part of the bill that deals with taking down falling financial firms. They reached a deal on principle last week, announcing the deal Wednesday.

Among the more significant changes, senators dropped a tax on banks that would have funded a $50 billion pot of money that regulators could tap to help take down failing banks. Now the bill stipulates that banks will be taxed to pay for unwinding banks after a collapse.

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soundoff (2 Responses)
  1. Shroomduke

    Look at the Democrats who voted against the "Too Big To Fail" bill! These are the Corporate Democrats that NEED TO GO!

    Clean out the Democratic Corporate Sycophants,

    This is NOT the kind of bipartisanship we are looking for, we do not need people agreeing on BAD Ideas! I know that sounds picky picky picky but this is what has bankrupted this country, financially & morally,

    Clean out the Corporate Sycophants in Washington, they are destroying America!

    Corporate America is ADDICTED to Corporate Welfare, like junkies they will promise anything for another fix! End Corporate Welfare NOW!

    May 8, 2010 at 11:45 pm | Report abuse |
  2. brazospete

    This Dem/rep soap opera has been going on longer than As the World Turns longer even than Good Cop/Bad Cop! They're ALL Crooks! You guys get ready to vote for Our Guy,Our Guy or Our Guy .....Again!

    May 17, 2010 at 4:20 pm | Report abuse |