WASHINGTON--Treasury Secretary Timothy Geithner is expected to announce that 12 insurance companies with life operations have been approved for government assistance under the Capital Purchase Program (CPP) component of the Trouble Asset Relief Program approved by Congress last year.
Mr. Geithner reportedly will disclose the aid to life insurers Tuesday while "outlining" a comprehensive plan designed to restore stability to the financial system.
Two other proposals said to be under consideration by the Obama administration are CPP aid to the troubled monoline or bond insurers, and whether to ask Congress for legislative authority that would allow the Federal Deposit Insurance Corporation to oversee troubled financial services companies, whether they are banks or not.
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