Friday, March 27, 2009
Insurance Industry Groups React to Treasury Secretary’s Statements
Speaking before the House Financial Services Committee, Geithner was forthright about the need for systemic risk regulation but his comments on optional federal charter were subject to interpretation.
The comments of Treasury Secretary Timothy Geithner, speaking yesterday before the House Financial Services Committee, elicited reactions from various insurance trade associations monitoring federal government activity potentially affecting the future regulatory regime under which insurers will operate. Geithner called for a systemic risk regulator in his prepared statement. Later, in response to a question from long-time optional federal charter (OFC) proponent Rep. Ed Royce (R-Calif.), Geithner said a "good case" could be made for OFC.
Frank Keating, president ad CEO of the American Council of Life Insurers (ACLI, Washington, D.C.) expressed great appreciation for Geithner's comment on OFC, in a statement issued late yesterday. "Optional federal charter legislation is inextricably linked to proposals by the secretary and other policymakers to enhance the federal government's ability to monitor and address potential threats to our nation's financial services system," he said. "Without the federal insurance regulatory office that would be established by OFC legislation, any effort to oversee systemic risk would necessarily fall short...
I&T: Insurance Industry Groups React to Treasury Secretary’s Statements
The comments of Treasury Secretary Timothy Geithner, speaking yesterday before the House Financial Services Committee, elicited reactions from various insurance trade associations monitoring federal government activity potentially affecting the future regulatory regime under which insurers will operate. Geithner called for a systemic risk regulator in his prepared statement. Later, in response to a question from long-time optional federal charter (OFC) proponent Rep. Ed Royce (R-Calif.), Geithner said a "good case" could be made for OFC.
Frank Keating, president ad CEO of the American Council of Life Insurers (ACLI, Washington, D.C.) expressed great appreciation for Geithner's comment on OFC, in a statement issued late yesterday. "Optional federal charter legislation is inextricably linked to proposals by the secretary and other policymakers to enhance the federal government's ability to monitor and address potential threats to our nation's financial services system," he said. "Without the federal insurance regulatory office that would be established by OFC legislation, any effort to oversee systemic risk would necessarily fall short...
I&T: Insurance Industry Groups React to Treasury Secretary’s Statements
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