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US Treasury to send wind-up proposals to Congress

Published 03/25/2009, 09:17 AM
Updated 03/25/2009, 09:40 AM

WASHINGTON, March 25 (Reuters) - The Treasury Department said on Wednesday that it will send draft legislation to Congress this week seeking power to shut down troubled non-bank financial institutions.

In a statement, Treasury said its proposals will cover financial firms that could pose risks to the entire financial system and that are not now covered by the regulator for banks, the Federal Deposit Insurance Corp.

Treasury Secretary Timothy Geithner testified before Congress on Tuesday that the authority was needed to deal with cases like giant insurer American International Group Inc , which the government was forced to prop up with bailout funds for fear its collapse would harm the broader economy. (Reporting by Glenn Somerville; Editing by Andrea Ricci)

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