On the recordApril 15, 2015
this bill is cosponsored by Senator Vitter from our side. If a big bank fails under the Senator's reform, there is nothing that protects the taxpayers from having to save the bank. In other words, this approach does not do what many experts believe is needed, which is to expand the bankruptcy laws to permit an orderly disposition to failed banks without taxpayer bailouts. I will note that the specific policies listed are all authorities that exist today in various financial regulatory agencies, and I believe all Senators support the goal of eliminating the risk of taxpayer bailouts. Having said that, I ask that all the Republicans support this motion and offer to take it on a voice vote.
