New York Insurance Superintendent Eric Dinallo was hit with withering criticism from the leadership of the U.S. Senate Banking Committee as he tried to defend the role of state regulators in overseeing American International Group.

Mr. Dinallo was placed under the congressional microscope as panel members sought to determine why the federal government has been forced to pony up $170 billion so far to stabilize AIG–and if the Treasury Department and the Federal Reserve Board know how much more will be needed to keep AIG afloat.

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