Major insurance trade groups are asking the Senate Banking Committee not to require large financial institutions to prefund a systemic risk resolution fund as part of financial services reform legislation.
Creation of such a fund, the organizations argued, would have negative economic consequences.
The fund–created through assessments on financial institutions with assets of more than $50 billion–would be used to pay for the failure of systemically significant financial firms. Such a provision is included in H.R. 4173, the Wall Street Reform and Consumer Protection Act.
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