WASHINGTON - Legislation being discussed today by a House Financial Services Subcommittee will help reduce the costs and prevent regulatory overlap from the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to the National Association of Mutual Insurance Companies (NAMIC).
“Given the enormity of the Dodd-Frank Act, members of Congress have a responsibility to conduct strong oversight of its implementation to see what works and remove what doesn’t,” said Jimi Grande, senior vice president of federal affairs for NAMIC. “Today’s hearing is a part of fulfilling that responsibility.”
Entitled “Insurance Oversight and Legislative Proposals,” today’s hearing of the House Financial services Subcommittee on Insurance, Housing and Community Opportunity will examine three legislative fixes to the Dodd-Frank Act. One would require the newly created Federal Insurance Office (FIO) and Office of Financial Research (OFR) to only make use of industry data already collected by state regulators. A second would bar the Federal Reserve from imposing a different set of accounting standards from those already used by state regulators, and the third would exclude insurers from the Federal Deposit Insurance Corporation’s (FDIC) orderly liquidation authority.
“The financial crisis that began in 2008 was unlike anything we’ve seen before, and Congress offered a broad spectrum of legislative remedies in its wake,” Grande said. “From its inception, NAMIC has been concerned about the unintended consequences of the Dodd-Frank Act, and as it takes effect we are learning there are even more than we expected. These bills simply ensure that the Dodd-Frank Act does not add additional and unnecessary layers of regulation for property/casualty insurers.”
Contact: Matt Brady
Director of Media Relations