Bank liquidation fund still on table: Senator Dodd
WASHINGTON (Reuters) - Democrats have not abandoned the idea of taxing large financial firms to cover the costs of winding down those that are in trouble, Democratic Senator Christopher Dodd said on Friday.
Republicans had insisted that a proposed $50 billion "orderly liquidation" fund, financed by fees on large firms, be removed from a proposed sweeping overhaul of Wall Street regulation as a condition for allowing the bill to come up for debate.
But when asked if the fund was still on the table, Dodd, the bill's author, said: "Yes it is."
"That's one of the things we'll be talking about over the weekend" as Democrats work out a basic framework with Republicans, Dodd told reporters.
Senate debate on the bill began on Thursday and is expected to continue for the next two weeks or more, followed by a vote next month.
Aside from the $50 billion fund, other key sticking points include the scope of consumer protection efforts and the degree to which the $450 trillion derivatives market would be regulated.
(Reporting by Andy Sullivan; Editing by Stacey Joyce and Leslie Adler)
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