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WASHINGTON – The color-coded terror alert (search) system that signals national threat levels would become optional under proposed legislation that sets the Homeland Security Department’s priorities for next year. The bill, which will be considered Wednesday by the House Homeland Security Committee, says the color-coded system is too vague and …

WASHINGTON – President Bush signed the biggest rewrite of U.S. bankruptcy law in a quarter century on Wednesday, making it harder for debt-ridden Americans to wipe out their obligations. “Bankruptcy should always be a last resort in our legal system,” Bush said. “If someone does not pay his or her …

UNITED NATIONS – Paul Volcker (search) told FOX News his committee isn’t going soft on U.N. Secretary-General Kofi Annan in the Oil-for-Food investigation and denies that there was any conflict of interest over his link to a U.N. official being questioned in the probe. Volcker, who heads up the Independent …