WASHINGTON — The House Financial Services Committee’s staff is drafting a three-pronged bill that would authorize federal guarantees for new muni general obligation debt, create a reinsurance program that could bolster monoline bond insurers underwriting new business, and provide a liquidity backstop for variable-rate demand obligations.

The bill could be introduced this spring. It is still in the formative stages but committee chairman Rep. Barney Frank, D-Mass., signed off on a general outline of it late last week, according to knowledgeable sources.

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