Obama administration officials have urged SeObama administration officials have urged SeA p roposed $50 billion fund for taking apart banks
that are "too big to fail" is an arbitrary f
igure that should not tank financial overhaul
legislation if Senate Republicans truly wan
t to negotiate, Sen ate Banking Committee memb
er Jon Tester said Friday.But that fund can't
go to zero or there will be more bank bailou
ts in the future, the Montana Democrat told T
he Associated Press in an interview on the bi >ll scheduled to be debated on the Senate floo
r in the coming weeks.The bill passed out of
Tester's committee last month, but he said he
is not happy with how it would handle regula
t ion of derivatives, those financial instrume
nts such as mortgage-backed securities whose
value plummeted during the housing crisis.Pre
sident Barack Obama said Friday that he would
veto t he bill if it doesn't regulate the der
ivatives market, but Tester said the bill doe
sn't go far enough."I don't think that it inc
reases the transparency like it needs to be d
one," he said. "I think sunshine on this is i
mportant. I think one thing we should have le
arned is there needs to be more transparency,
not less."The bill aims to prevent another W
all Street crisis like the one that caused a
near economic meltdown in 2008. It proposes c
reating the $50 billion fund financed by larg
e banks to pay for liquidating a large failin
g firm and would take measures to detect fina
n cial threats and protect consumers.Obama adm
inistration officials have urged Senate Democ
ratic leaders to remove the $50 billion fund,
which has become the most contentious part o
f the bill after Rep ublicans called it a Wall
Street bailout."That was an arbitrary figure
anyway. That's no big deal," Tester said. Bu
t, "I think if you remove it all, the questio
n has to b e asked how are you going to unrave
l these financial institutions that get into
trouble?"Forty-one GOP senators have signed a
letter to Democratic leaders voicing their o
pposition to the bill and demanding further n
egotiations. Republicans said in the letter,
"We are united in our opposition to the parti
san legislation reported by the Senate Bankin
g committee."
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