Oct. 31 (Bloomberg) -- Barney Frank, chairman of the U.S. House Financial Services Committee, reversed course on paying to unwind failed financial firms, splitting with the White House and setting up a possible fight with the biggest companies.
Legislation Frank crafted with the Treasury Department and unveiled this week will be amended to impose a fee on financial institutions with more than $10 billion of assets before any firms fail, he said yesterday on Bloomberg Television's "Political Capital with Al Hunt." The Obama administration wants to collect fees after a company fails.
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