Far from reaching consensus on a drive to overhaul the regulatory structure of the financial system, policymakers appeared to be heading in different directions on the topic Wednesday, with some pushing for much narrower reform while others wanted to take broader steps.At a Senate Banking Committee hearing, Sen. Bob Corker argued against enactment of sweeping legislation granting the government new resolution powers over systemically important companies. Instead, he said, Congress should give the Treasury Department this authority on a case-by-case basis. For instance, the Tennessee Republican said lawmakers could pass a bill allowing the government to seize just American International Group Inc.

"I think if you came to us on a one-off basis, that would pass," Corker said.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access