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Geithner said such authority would have allowed the government to bail out AIG last year at a far lower cost to taxpayers, a position backed by Federal Reserve Chairman Ben S. Bernanke.
"Banks also failed in 2008," Frank said. "But the fact is that we have in place mechanisms . . . that contained the damage. . . . We need to give somebody, somewhere, in the federal government. . . the authority to do what the FDIC can do with banks