S 3217. (Overhaul of financial regulations) Brown of Ohio amendment that would cap bank liabilities and deposits/On agreeing to the amendment
senate Roll Call 136
May 06, 2010
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This vote was on an amendment by Sherrod Brown, D-Ohio, that would have limited a bank’s size to the U.S. gross domestic product and prevented any one institution from holding more than 10 percent of U.S. deposits. The amendment was offered to a bill that aims to close gaps in financial regulations, strengthen oversight of consumer lending and more closely oversee financial derivatives. Derivatives are, in essence, very complex financial contracts that businesses use as a hedge against large changes in the price of some commodities such as gasoline, but that have also become popular with speculators looking to gamble on big profits. Speculation in derivatives, relatively unhampered by regulation, is often blamed for partially contributing to the financial meltdown in 2008. |
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