NU Online News Service, Dec.2, 3:18 p.m. EST
WASHINGTON–Legislation giving the government broad authority to deal with troubled financial institutions, including insurers, passed the House Financial Services Committee today.
Passed by the committee on a 31-27 vote, the language of the Financial Stability Improvement Act, H.R. 3996, reflected the impact of the near collapse of American International Group and the government's need to bail out that insurance conglomerate.
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