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Tuesday, November 03, 2009
Frank: Banks Must Pay Systemic Fee In Advance
By Ronald D. Orol
MarketWatch Pulse
WASHINGTON - Large financial institutions will be required to pay a fee in advance to fund a pool of capital that can be used to help dismantle a large insolvent super-bank so it doesn't cause collateral damage to the markets, according to House Financial Services Committee Chairman Barney Frank, D-Mass. Frank said he expects the agency to adopt an amendment later this week to require this as part of larger systemic risk legislation under consideration by the committee. Frank had originally sought to have taxpayers pay to cover costs of unwinding a large financial institution, with those funds later to be recouped by large banks.
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