NU Online News Service, April 21, 3:17 p.m. EDT
WASHINGTON–Federal authorities need legislation to give them legal authority to step in when a huge non-bank company like American International Group gets into financial difficulties, Treasury Secretary Timothy Geithner told Congress today.
He said a measure to give federal regulators power to put non-banking institutions such as AIG in receivership is the "centerpiece" of White House plans to strengthen financial services companies' regulation.
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