GOP looks to re-write bankruptcy rules for banks

Bankruptcy for big banks is back on the congressional GOP agenda.

A House Judiciary subcommittee is set to examine newly-reintroduced legislation this week that would create a new section of the bankruptcy code to safely shut down failed big banks.

The legislation will be introduced by Rep. Dave Trott of Michigan, and is substantially the same as legislation passed by the House in the 113th Congress, but was not taken up by the Senate. Trott, a Republican, could not be reached for comment before the July 4th holiday.

The bankruptcy policy would be meant to provide an alternative to the 2010 Dodd-Frank financial reform law for shuttering failing banks without creating a financial crisis or requiring taxpayer bailouts.

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