From an April 30 Wall Street Journal op-ed by AEI's Phillip Swagel:

In coming days and weeks, as amendments to the Dodd bill are publicly offered and private negotiations proceed, removing the $50 billion bailout fund would be a good start. A more important way to address the problem of “too big to fail” is to have a resolution process centered on bankruptcy-and in which bailouts would require a vote of Congress. Bankruptcy would make it more likely that the division of resources would be in the hands of judges, not political officials using public money to support favored creditors. When GM and Chrysler were failing, the two firms were used as conduits for a transfer of TARP money to the auto unions.

Previously:

Fox Fiction: “FOXfact[s]” perpetuate “bailout fund” falsehood

Quick Fact: Morris falsely claims financial reform bill contains "$50 billion rescue fund"

Krugman calls GOP's “bailouts” claim “possibly the most dishonest argument ever made in the history of politics”

Fox Business' Gasparino: Financial reform bill contains “slush fund” of "$50 billion to bail you out"

IBD editorial on financial reform repeats “bailout” claim, TARP exaggeration; suggests Dems are “bought and paid for”

Fund completely wrong about "$50 billion fund for future bailouts"