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The authority of federal regulators to oversee and liquidate large, troubled insurance companies should be significantly pared back in legislation Congress is considering to deal with systemic risk to the economy, industry leaders are arguing.

The authority of federal regulators to oversee and liquidate troubled large insurance companies should be significantly pared back in legislation Congress is considering, insurance interests are arguing.

The full House is unlikely to debate financial services reform legislation until the first week of December, Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said.

The authority of federal regulators to oversee and liquidate troubled large insurance companies should be significantly pared back in legislation Congress is considering, insurance interests are arguing.

Legislation to control non-bank firms large enough to pose systemic financial risk should complement not displace state regulation, an insurance commissioner told House lawmakers.

Compromise legislation proposed by the Obama administration and Rep. Barney Frank, D-Mass., would give federal banking regulators broad authority to regulate large, troubled insurers as well as resolve them, as necessary.

Federal Reserve Board Chairman Ben Bernanke told Congress today that the financial crisis has demonstrated the need for "systemically important" insurance companies to be subjected to federal controls.

The House Financial Services Committee chairman committed his panel today to passing legislation giving federal regulators authority to liquidate troubled non-bank financial institutions including insurers.