Two U.S. House members who sponsored optional federal charter bills in the last Congress are set to introduce new legislation granting a federal insurance regulator expanded powers, offices in all 50 states and authority to oversee firms deemed "systemically important." Reps. Melissa Bean (D-IL) and Ed Royce (R-CA) said they would introduce the National Insurance Consumer Protection and Regulatory Modernization Act in March. The lawmakers have changed their bill to reflect concerns raised by the economic crisis, the meltdown of the bond insurance sector and the near-collapse of AIG