Senate votes to end advantages for ‘Too Big To Fail’ banks

{mosads}“There are at least three independent studies recently that underscore that ‘Too Big To Fail’ is still alive and well,” Vitter said. “’Too Big To Fail’ policies are creating an unfair playing field for smaller banks.”

Brown and Vitter argue that the Dodd-Frank financial reform law didn’t do enough to keep large banks in check. They say that if banks are still “Too Big To Fail,” they have an unfair advantage and are able to borrow more money since lenders believe they would be bailed out if a risky investment fails.

The Senate also voted on the following budget amendments:

– Sen. Mark Warner (D-Va.) amendment 693, to stop the repeal of the estate tax without offsetting the revenue, passed 80-19.

– Sen. John Thune (R-S.D.) amendment 307, to permanently eliminate the federal estate tax, failed 46-53.

– Sen. Jack Reed (D-R.I.) amendment 482, to provide funding for low-income weatherization and energy efficiency retrofit programs, passed by voice vote.

– Sen. Mary Landrieu (D-La.) amendment 314, to fix Congressional Budget Office scoring on leases of major medical facilities of the Department of Veterans Affairs, passed by voice vote.

– Sen. Tom Udall (D-N.M.) amendment 483 to create royalty fees for hardrock mineral mined on federal land, passed by voice vote.

– Sen. Jon Tester (D-Mont.) amendment 537, to authorize children who are eligible to receive healthcare furnished under laws administered by the Secretary of Veterans Affairs to retain such eligibility until age 26, passed by voice vote.

– Sen. Pat Toomey (R-Pa.) amendment 535, to repeal the tax increase on catastrophic medical expenses created by the Affordable Care Act, failed 45-54.

– Sen. Robert Casey (D-Pa.) amendment 442, to fund Edward Burn Memorial Justice assistance grants for state and local law enforcement, passed by voice vote.

– Sen. Dan Coats (R-Ind.) amendment 514, to allow presidential exemptions from the rule of the Environmental Protection Agency — the Mercury and Air Toxins Standard — for power plants that need additional time to meet standards, failed 46-53.

– Sen. Ben Cardin (D-Md.) amendment 273, to improve oral healthcare for children with Medicaid coverage, passed by voice vote.

– Sen. Mike Lee (R-Utah) amendment 373, to provide a point of order against budgets spending more on net interest payments on the debt than on national defense, and to ensure the government funds its military at higher levels than the militaries of foreign holders of its debt, failed 46-53.