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A Proposed Bankruptcy for Banks That Will Lead to Bailouts

Livinglies's Weblog

The House passed a measure this month that would repeal Dodd-Frank’s orderly liquidation authority.Credit Susan Walsh/Associated Press

At a time when news about Russia, health care, terrorist attacks and horrific fires dominates the headlines, it can be easy to forget that Congress continues to try to undo the regulatory reforms enacted in the wake of the 2008 financial crisis.

And the Trump administration, despite getting into office on a wave of populism, seems quite willing to embrace Congress’s rather conventional deregulatory agenda.

One core piece of the congressional drive to dismantle Dodd-Frank is the move to repeal orderly liquidation authority and with it the special powers of the Federal Deposit Insurance Corporation to deal with big bank insolvency. Instead, Congress would leave the failure of big financial institutions to the general bankruptcy system.

If one desires to return to the Gilded Age…

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