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The Federal Reserve Board will consider on Monday a proposal to curb its emergency lending powers, a change demanded by Congress after the central bank's controversial decision to aid AIG , Citigroup and others in 2008. A proposed rule, to be considered by the Fed's Washington-based board in an open meeting, would require that any future emergency lending be only "broad-based" to address larger financial market problems, and not tailored to specific firms. The 2010 Dodd-Frank financial reform law instructed the Fed to curtail emergency loans to individual banks and prohibited it from lending to companies considered insolvent.
By Hilary Russ and Edward Krudy NEW YORK (Reuters) - Private money is expected to fund part of a $20 billion rail tunnel project linking New Jersey with Manhattan, according to a senior executive at the national rail network Amtrak. Amtrak's plan to build a new two-track tunnel under the Hudson River and revamp its rail infrastructure in the region got a boost earlier this month when the federal government agreed to foot half of the bill. New Jersey and New York are on the hook for the rest, but financial hurdles both states face suggest they could try to tap the plan's private funding option to meet their commitment or get their bi-state transportation authority to do that.