A U.S. House panel will consider a repeal of the power established by the Dodd-Frank Act to seize and wind-down systemically risky financial firms.
Representative Spencer Bachus, an Alabama Republican and the chairman of the Financial Services Committee, has included the repeal in a measure aimed at finding almost $30 billion in spending cuts as House Republicans search for ways to avoid automatic reductions to the Department of Defense.
Republicans opposed the resolution authority during the 2009 and 2010 debate over the financial regulatory overhaul that would become Dodd-Frank, arguing that the mechanism used to pay for the Federal Deposit Insurance Corp. to dismantle a firm would itself lead large Wall Street firms to take undue risks.
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