The problems faced by bond insurers demonstrate the "real need" for stronger oversight of the industry, a key member of Congress said last week.
The comment by Rep. Paul Kanjorski, D-Pa.–who chairs the Capital Markets Subcommittee of the House Financial Services Committee–came as he released letters he sought from regulators explaining how the bond insurance industry is supervised and its problems.
The primary concern of the House Financial Services Committee is that the problems of the credit insurance industry will impact the sale of municipal bonds used to raise funds for state and local capital development projects, further slowing the economy.
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