A House panel plans to ask trustees assigned to safeguard the U.S. government’s $182.5 billion investment in American International Group Inc. whether their supervision by the Federal Reserve Bank of New York serves taxpayers’ interests.
The trustees-Jill Considine, Chester Feldberg and Douglas Foshee-were appointed in January by the New York Fed, a private institution owned by member banks, which has the power to overturn some of their decisions and to remove them. Edolphus Towns, a New York Democrat who chairs the House Committee on Oversight and Reform that will hold hearings today, said he’s concerned that the interests of AIG’s customers and trading partners may outweigh those of taxpayers.
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