New government figures show the US economy expanded by 3.5 percent in the third quarter, snapping a record streak of four straight quarterly declines. Government stimulus is believed to account for most of the growth. In other economic news, the chair of the Federal Deposit Insurance Corporation is publicly challenging the Obama administration’s plan to regulate the practices of major financial firms. Appearing before the House Financial Services Committee, FDIC chair Sheila Bair said a proposed council of regulators “lacks sufficient authority” to prevent another financial meltdown. Bair said the council should not be headed by the Treasury secretary but by an independent chair.