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December 3, 2009 | By Jim Puzzanghera
The Obama administration's overhaul of financial regulations took a big step forward Wednesday as a key House committee approved legislation that would give federal officials broad new powers to downsize and dismantle large financial firms whose failure would seriously damage the economy. The House Financial Services Committee voted 31-27 to pass the expanded ability to deal with teetering financial giants -- authority that was limited when investment banker Lehman Bros. and insurer American International Group Inc. neared bankruptcy last year.
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BUSINESS
December 3, 2009 | By Jim Puzzanghera
The Obama administration's overhaul of financial regulations took a big step forward Wednesday as a key House committee approved legislation that would give federal officials broad new powers to downsize and dismantle large financial firms whose failure would seriously damage the economy. The House Financial Services Committee voted 31-27 to pass the expanded ability to deal with teetering financial giants -- authority that was limited when investment banker Lehman Bros. and insurer American International Group Inc. neared bankruptcy last year.
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