In a large skillet over medium-high heat, brown steak in oil. Add garlic; cook 1 minute longer. Drain. Add broth; bring to a boil. Reduce heat; simmer, uncovered, for 12-16 minutes or until broth is reduced by half.
Add peppers. Combine cornstarch and water until smooth; stir into broth. Bring to a boil; cook and stir for 2 minutes or until thickened. Serve with rice.