(H.R. 4173) On a motion instructing a conference committee (which resolves differences between House and Senate versions of bills after they have passed both chambers) resolving differences between a House and Senate version of financial regulatory reform legislation to prohibit the federal government from stabilizing troubled financial institutions under any circumstancesDescription:This was a vote on a Republican motion instructing a conference committee resolving differences between a House and Senate version of financial regulatory reform legislation to prohibit the federal government from stabilizing troubled financial institutions under any circumstances. (When the House and Senate pass two different versions of the same bill, they generally hold a conference to resolve the discrepancies between the two. Each body appoints a representative number of its members to participate in the conference.) This procedure, known as a “motion to instruct conferees,” directs the conferees on a bill take a specific action with regard to the legislation that is the object of the conference.
house Roll Call 343
Jun 09, 2010
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While the bill did allow the government to prop up institutions in situations that could lead to a financial catastrophe, those actions would be paid for by a fund financed by a fee on financial institutions – not taxpayer money. In these situations, the government would be empowered to fire all of the top management of the institution in question. The government could extend loan guarantees for banks and financial institutions only if they were solvent, and only in the event of a liquidity crisis (This refers to a “frozen credit market,” in which financial institutions stop lending -- which can have disastrous economic effects.). |
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