WASHINGTON--The Treasury department is maintaining its stancethat insurers seeking federal bailout dollars must do so through afederal regulated entity, leaving those without a bankingsubsidiary or organization out in the cold.
At a press conference announcing a new federal facility tosupport lending to consumers and small businesses, TreasurySecretary Henry Paulson said that the department would continue towork only with those financial entities "where there is a federalregulator" as it considers applications for funds from the TroubledAsset Relief Program (TARP).
Mr. Paulson noted that several insurance companies have federalcharters, either through owning banking institutions or charters asa bank holding company, and that those who have applied will beconsidered. "To broadly go to insurance companies," he added,though, "we have not made that decision yet."
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