NU Online News Service, May 6, 3:56 p.m. EDT

WASHINGTON–Congress may act quickly on legislation creating stronger resolution authority oversight for troubled financial institutions deemed "too big to fail," including insurers and hedge funds, Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, said today.

Such a resolution authority should have the power to sell the assets of the troubled institutions promptly to other companies, FDIC Chairperson Sheila Bair said.

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