{"database": "press", "table": "releases", "rows": [["https://web.archive.org/web/20140221022628/http://www.cornyn.senate.gov/public/index.cfm?p=NewsReleases&ContentRecord_id=0ad834a5-fdea-418f-84a7-969d521409c9", "Cornyn, Toomey Introduce Bill To End \u2018Too Big To Fail\u2019", "2013-12-19", "2013", "2013-12", "Republican", "House", "TX", "John Cornyn", "C001056", "web.archive.org", null, null, "legacy", "WASHINGTON\u00a0- U.S. Sens. John Cornyn (R-TX) and Pat Toomey (R-PA) today\u00a0introduced the\u00a0Taxpayer Protection and Responsible Resolution Act\u00a0(TPRRA) to end taxpayer-funded bailouts for large financial institutions.\u00a0\n\u201cIn recent years, our nation\u2019s economy has been haunted by the specter that the federal government will prop up failing financial institutions.\u00a0 This legislation, which I am proud to introduce with Sen. Toomey, will put an end to that threat,\u201d\u00a0said Sen. Cornyn.\u00a0 \u201cOnce these institutions know that the government can and will let them fail, they will be forced to become better stewards of their clients\u2019 resources or risk going out of business, rather than becoming a taxpayer liability.\u201d\n\u201cIn 2008, we discovered we did not have a mechanism adequate to resolve the failure of a large, complex financial institution,\u201d\u00a0said Sen. Toomey.\u00a0\u00a0\u201cDodd-Frank attempted to solve this problem.\u00a0 Unfortunately, it only made matters worse by creating a dedicated fund to bailout failing financial firms and, in the process, institutionalized \u2018too big to fail.\u2019\n\u201cMy bill with Senator Cornyn will instead repeal this provision of Dodd-Frank and ensure the failure of a large institution is handled in a predictable, orderly, and legal way that eliminates bailouts.\n\u201cInstituting a bankruptcy process, would allow the market to impose discipline on large financial institutions by pricing their risks appropriately.\u201d\nBackground on the\u00a0Taxpayer Protection and Responsible Resolution Act\nThe\u00a0Taxpayer Protection and Responsible Resolution Act\u00a0strengthens and modernizes U.S. bankruptcy laws to facilitate the resolution of a financial institution \u2013 and protect U.S. taxpayers from the bailouts that have come with bank failures in the past.\n\u00a0The legislation creates a new, specialized bankruptcy chapter (\u201cChapter 14\u201d) for certain financial corporations and eliminates the \u201corderly liquidation authority\u201d in Title II of the Dodd-Frank Act \u2013 an ad hoc process ripe for political manipulation that provides for yet another bailout. \u00a0\nUnder Chapter 14, the failed bank would go bankrupt, leaving its owners and long-term creditors on the hook for its bad decisions, not taxpayers. To avoid systemic risk to the financial system, which is what has led the government to use bailouts in the past, Chapter 14 would enable all the failed bank\u2019s assets and the liabilities that pose systemic risk to be transferred to a new \u201cbridge\u201d company. That bridge company would be owned by the bankrupt estate, but it would operate as a new, solvent, company that could go on meeting the failed bank\u2019s obligations.", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://web.archive.org/web/20140221022628/http://www.cornyn.senate.gov/public/index.cfm?p=NewsReleases&ContentRecord_id=0ad834a5-fdea-418f-84a7-969d521409c9"], "units": {}, "query_ms": 1.4556001406162977, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}