Last April, Rangel met with executives from the troubled insurance giant American International Group to ask for a donation to a school of public service City College of New York was building in his honor, The New York Times reported Saturday.

Less than a month later, AIG executives asked Rangel, chairman of the powerful House Ways and Means Committee, to support a provision in a bill that would save the company million of dollars a year, the Times reported.

Last summer, Rangel said he knew of no issues his committee had considered in which AIG had an interest, the Times reported after a review of congressional documents.

Rangel, who initially opposed the tax change AIG was seeking, later agreed to it as part of a much larger piece legislation after other members of Congress said it would help numerous U.S. companies survive the economic downtown, the Times reported, noting AIG never did make a contribution to Rangel's school.