Regulation/Legislation

The chairman of the Senate Banking Committee today hedged when asked whether he would support a 50 percent increase in the borrowing authority of the National Flood Insurance Program.

The Treasury Department is selling today its remaining 16 percent of American International Group common shares, putting an end to the governments 50-month shotgun financial tryst with the global insurer.

Insurance-industry officials this weekend voiced strong support for the Obama administrations request to raise the National Flood Insurance Programs borrowing authority by 50 percent.

The borrowing authority for the National Flood Insurance Program would be increased 50 percent, to $30.4 billion, as part of a Superstorm Sandy supplemental budget request submitted to Congress by the Obama administration late Friday.

The U.S. Supreme Court on Monday refused to hear an appeal by a taxpayer who claimed the government's 2008 bailout of the insurer American International Group Inc violated the constitutional separation of church and state.

Illinois took a major step on Tuesday toward granting drivers licenses to illegal immigrants, which would make it the most populous U.S. state to allow undocumented migrants to legally drive.