U.S. House of Representatives
Washington, D.C. 20515
December 7, 2009
Re: Support Rep. Kilroy’s Systemic Resolution Fund Amendment
Dear Representative:
As members of Americans for Financial Reform, a coalition of more than 200 consumer, employee, investor, community, business and civil rights groups, we write you today to convey the coalition’s strong support for the amendment to H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009, offered by Representative Mary Jo Kilroy.
The Kilroy amendment makes explicit that financing for the Systemic Dissolution Fund provided in H.R. 4173 would come exclusively from assessments on industry, without recourse to the American taxpayer. We need an orderly resolution process which truly dissolves failed institutions, and we need to make sure that taxpayers are NOT the source of funding for the pool dedicated to this purpose.
The Kilroy amendment provides a critical safeguard against this possibility by making the prohibition on recourse to taxpayer funds entirely explicit, and we strongly urge all members of the House to support the Amendment
Sincerely,