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Admin Proposes Fund for Wall Street Bailouts

HeadlineOct 28, 2009

The Obama administration has unveiled legislation that would allow the government to shift the cost of future bailouts of troubled firms to other large companies. The measure would create a fund from companies with over $10 billion in assets to bear the costs of rescuing other so-called “too big to fail” firms. The legislation was drafted by Treasury officials and House Financial Services Committee chair Barney Frank.

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