NU Online News Service

The chairman of a key House Financial Services panel last nightunveiled draft legislation creating a federal insurance regulatoryoffice that tracks with minor omissions legislation submitted toCongress by the Obama administration.

A draft of legislation creating a "Federal Insurance Office"with strong authority over solvency and international issues wasreleased by Rep. Paul Kanjorski, D-Pa.., chairman of the CapitalMarkets Subcommittee of the House Financial Services panel.

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