Financial institutions with assets of less then $50 billion-which includes all credit unions-wouldn't have to pay into a fund aimed at rescuing large companies deemed "too big to fail," as a result of an amendment passed by the House Financial Services Committee yesterday.

The amendment, which was approved 52-17 despite the opposition of Chairman Barney Frank (D-Mass.), is part of a bill that establishes mechanisms to curb systemic risk. The amendment to raise the threshold to $50 billion-the original bill had it at $10 billion-was sponsored by Rep. Brad Sherman (D-Calif.).

The bill, which the full committee is scheduled to vote on after the Thanksgiving recess and the full House is scheduled to take up during the second week of December, creates a Stabilization Resolution Fund, administered by the FDIC. It also includes a provision allowing Congress to request an audit of all of the operations of the Federal Reserve, including its decisions on monetary policy. That amendment passed 43-26, also despite Frank's opposition.