Senate Agrees To Ban Taxpayer-Funded Bailouts

An amendment to the financial overhaul bill banning the use of taxpayer funds for bank bailouts has been agreed upon in the Senate, says the LA Times.

“If there’s one thing we should all be able to agree on, it is this: The American taxpayers should never again have to bail out Wall Street firms that gambled away our savings and wreaked havoc on our economy,” said Barbara Boxer (D-CA,) the senator who proposed the amendment.

As a compromise, another amendment was adopted that eliminated from the bill a $50 billion fund that would aid the government n liquidating companies. Opponents said the fund would only encourage more bailouts.

Senate OKs ban on use of taxpayer funds in bank bailouts [LA Times]