More than $180 billion later, AIG is still a toxic economic site.

That's what American International Group Inc. Chief Executive Edward Liddy told a House panel Wednesday, saying the insurance giant has reduced but not eliminated the risk its failure poses to the global economy despite getting more than $180 billion in federal bailout aid.

"The assurance I can give you is we will do everything we can to not require more federal money" but that will hinge on how long the worldwide recession drags on and the condition of the financial markets, Liddy told the House Oversight and Government Reform Committee.

Liddy, who the government installed as head of AIG, said the crippled firm is selling many of its foreign assets to repay U.S. taxpayers, but lawmakers questioned whether the plan makes sense and demanded details.

Liddy agreed to provide portions of AIG's "Project Destiny" restructuring plan to the committee, but said details are sensitive and could hurt the company's ability to sell assets.

"We will work with you to provide everything that we possibly can," Liddy told committee chairman Rep. Edolphus Towns, D-N.Y. Main Street Americans were angered over AIG's secrecy and its payment of millions in bonuses to employees, Towns said.

Congress needs "to understand what the long-range plan is for AIG," Towns said. He asked whether it made sense to sell off assets in a bear market where prices are depressed.

AIG on Monday announced plans to sell its Japanese headquarters to Nippon Life Insurance Co. for $1.2 billion in cash. The transaction is expected to close in the second quarter.

While AIG is working to divest assets, Liddy said, it doesn't intend to sell them at "fire-sale prices." The company plans to retain its U.S. property-casualty and foreign general insurance businesses, and a stake in its foreign life insurance operations.

"How long the plan will ultimately take will very much depend on how quickly and how strongly the global economy recovers," Liddy said. "Because we are all committed to ensuring that the mistakes of the past are not repeated, we must take the time and exercise the diligence to do this restructuring properly."

AIG was nearly destroyed last fall at the height of the financial crisis and became one in a string of corporate calamities and a touchstone for public outrage. The huge volume of credit default swaps -- a form of insurance against bond defaults -- sold by AIG, coupled with rising levels of defaulted mortgage and other debt, threatened the company's existence and prompted the government to step in.

Government aid to the company now totals $182.5 billion. The U.S. has taken a nearly 80 percent stake in New York-based AIG.

Liddy said the company has reduced its exposure to credit default swaps to $1.5 trillion, compared with the original amount of $2.7 trillion.

Also testifying at Wednesday's hearing were three trustees charged with overseeing the government's holding in AIG. They are seeking new board members for the company.

The $450 million in bonuses AIG paid to employees, including to traders in the financial products unit that brought it to the brink of collapse, fueled public and congressional outrage. The Democratic-led House approved a bill in March that would slap punishing taxes on big bonuses at AIG and other companies bailed out by taxpayers. The Senate didn't act on the plan, however.

The Associated Press contributed to this report.