Lawmakers Want GAO To Look Into AIG Rescue

Lawmakers Want GAO To Look Into AIG Rescue - 2/2/2009

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright © 2001
Stanford Law School

2009 News and Press Releases

SEARCH

News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

Lawmakers Want GAO To Look Into AIG Rescue
Mark A. Hofmann

Business Insurance. February 2, 2009
_________________________________________________________________________

EXCERPT: Key congressional leaders are asking the Government Accountability Office to conduct a study of the federal government’s rescue of American International Group Inc. and the rescue’s impact on the U.S. insurance market. In a letter sent late Friday to Acting Comptroller General Gene Dodaro, Rep. Paul Kanjorski, D-Pa., the chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, and Rep. Spencer Bachus, R-Ala., ranking member of the full committee, wrote that “there have been troubling reports that market distortions may be occurring in the commercial property/casualty market as a result of the actions by the U.S. Treasury and the Federal Reserve Bank to provide loans and other financial support to shore up AIG’s capital position.” In their letter, the lawmakers requested that the GAO “assess the impact of all aspects of the AIG financial rescue package on the U.S. insurance marketplace,” and called on the agency to seek information from a “variety of industry sources” as well as from state insurance regulators and economists. “We are particularly interested in your assessment of whether market distortions are occurring now or may occur in the future, especially in the commercial property casualty market, and whether any such distortions are having a negative impact on market discipline and fair competition,” wrote the congressmen. “Furthermore, to the extent sufficient information is available to the GAO, we would like you to determine whether or not the AIG rescue package has resulted in measurable progress toward achieving the federal government’s stated goals and objectives,” wrote the congressmen.

Back to News page | Back to Archived News 2009 page | Back to Top

�