A Republican Congresswoman took an opportunity during a hearing on Tuesday to ask U.S. Treasury Secretary Timothy Geithner why the Federal Insurance Office is late with its report on modernizing insurance regulation.
The inquiry came from seven-term U.S. Rep. Judy Biggert from Illinois, who asked when the report would be ready. (The video of the hearing can be viewed on C-Span website. The questioning starts at 49:25)
Secretary Geithner, who was called to the House Committee Financial Services hearing to testify on the state of the international financial system, said “they are getting closer.” The Federal Insurance Office is part of the U.S. Treasury Department.
When asked if the delay is being caused by the lack of resources at the Federal Insurance Office, Secretary Geithner answered that it’s “not really a resource question.” He said, “We’ve just been a little busy and I apologize for the fact they’re a little behind…it’s just that they wanna do it carefully.”
“We’ve listened carefully to concerns people have, and I am personally very committed to making sure that that office has the resources it needs,” said Geithner.
Now that Geithner, a senior official in a Democratic administration, got a public grilling from a Republican lawmaker about the delay, the Treasury might decide to focus more on the report and on getting it ready for publication.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the Federal Insurance Office, had required the FIO to submit a report on modernizing insurance regulation to Congress not later than 18 months after the date of the Dodd-Frank Act’s enactment. Dodd-Frank was enacted on July 21, 2010, which meant the FIO report was officially due on Jan. 21, 2012.