Bailout-Deterrent Bill Scrutinized By Both Sides

Bailout-deterrent bill scrutinized by both sides | Washington Times

Mr. Sherman said the bill calls for the "most unprecedented transfer of power to the executive branch to make decisions about both spending and taxes in history."

"All without congressional approval, and a sharp departure from our congressional - from our constitutional - values," he added.

Lawmakers from both parties are concerned that an Obama administration-backed bill intended to deter future taxpayer-funded Wall Street bailouts would have the opposite effect and give the White House too much power over the nation's financial sector.

Some House members are worried the measure would allow the federal government, under certain circumstances, to pump rescue money into failing Wall Street giants with little or no input from Congress - potentially leaving taxpayers on the hook for billions of dollars. Read more.