Washington – resolution plans for stabilizing the US economy are still in progress. Mitch McConnell (Senate Republican Leader) has been criticizing the Democrats’ plans to regulate Wall Street as something arrogant. Furthermore, he accused the Democrats of carrying out the government takeover.

Mr. McConnell said that they cannot allow endless tax payer funded bailout for a long period of time. And henceforth, we are not going to let the financial reform bill go through so easily. At one hand we have average American people and on the other hand, there is Wall Street and its interests.

The senate bill has no qualms when it comes to large financial firms be allowed to fail (if they’ve been facing failures before). Mr. McConnell specially focused on creation of a regulation party which is capable of seizing and dismantling a financial institution. This was all an outcome of months of talks between members of the banking committee

Senator Mark Warner (Democrat of Virginia)
Senator Bob Corker (Republican of Tennessee)

In addition a $50 Billion “liquidation fund for orderly purposes”, was created from fees charged to largest banks. It will help in taking over and the house version of the bill (which was approved in December), is expected to create a $150 Billion fund.

Mr. Timothy Geithner said that he firmly believes the bill is going to be approved. But then again, Senator Richard c. Shelby (Alabama) thinks that the legislation would fail in its current form. Only time can tell what is going to be the outcome of this whole issue so lets just wait and see how things flow.

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4. Senators Are Trying to Reach a Mutual Agreement on the Financial Reform Bill
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6. Due to Wall St. Reforms Crisis is Prevented