Melissa L. Bean: “The need for Federal regulatory oversight has never been greater.”

Since we started working on this issue, much has changed in our system. After committing nearly $200 billion of taxpayer dollars to AIG, the need for Federal regulatory oversight has never been greater.

I believe the subcommittee should move a comprehensive bill that establishes Federal regulation of all lines of insurance, property and casualty, reinsurance, and life.

The AIG insurance company is solvent. They got additional capital through this latest round but it did not take an insolvent company and make it solvent.

The collapse of AIG, the world's largest insurer, has proven to be one of the most costly and dangerous corporate disasters in our Nation's financial history.