There will be no more bailouts of financial institutions, a top official of the Obama administration says in what appears to be an attempt to pre-empt Republican efforts to water down the Dodd-Frank Act.
"No financial institution, regardless of its size, will be bailed out by taxpayers again," Mary J. Miller, U.S. Treasury under secretary for domestic finance, said at a financial conference in New York on April 18.
Miller's unequivocal comments appear aimed at removing one of the hammers being wielded by Republicans against the Obama administration.
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