WASHINGTON (AP) -- The top U.S. securities regulator says the government must start to build an "exit strategy" that includes taxpayer protections for its massive financial rescue plan.
Securities and Exchange Commission Chairman Christopher Cox says with the government "deeply involved" in many private financial institutions, it "must now begin to build a framework for our exit strategy."
Federal Deposit Insurance Corp.
Sheila Bair made the same point earlier this week, and lawmakers are starting to press the administration for an exit strategy explanation.
The SEC isn't directly involved in the government's multitrillion-dollar bailout efforts but oversees brokerage and securities operations of the big banks that have received billions in taxpayer funds.
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