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Pols Pitch Federal Agency to Take On Bad Debt

Agency would formalize what feds are already doing in money crisis

By Rob Quinn, Newser Staff

Posted Sep 17, 2008 2:40 AM CDT

(Newser) – The idea of creating a federal agency to dispose of the toxic debt at the heart of the credit crisis is gaining traction in Washington, the New York Times reports. The proposed agency would resemble one set up in 1989 to resolve the savings and... Read full story »

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Pols Pitch Federal Agency to Take On Bad Debt

Agency would formalize what feds are already doing in money crisis

Federal Reserve • debt • House Financial Services Committee • credit crisis • Barney Frank • FDIC • bailout • financial crisis

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More Newser Stories

Fed Won't Say Where $2T in Loans Went

Money is in addition to $700B Wall St. bailout; collateral unclear, too

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$250B bailout needed to restore faith, keep capital at home

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Moves to shore up financial system have global markets rising

Fed, Treasury Fall Back on Existing 'Inadequate' Tools

With no federal deal, agencies limited to ad hoc solutions

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Stunned silence grips House after last vote

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