The Senate Banking Committee is today considering the nomination of a key insurance member to the new federal board that deals with the financial system and matters of systemic risk.
President Barack Obama has nominated a former Kentucky insurance commissioner, S. Roy Woodall, to serve as an insurance voting representative on the new Financial Stability Oversight Council, a 15-member council within U.S. Treasury Department.
Woodall is a former president of the National Association of Life Companies. He has worked at the Treasury Department under the George W. Bush and Obama administrations.
The Woodall nomination has been backed by the property/casualty insurance industry, which is anxious to have a voting member on the FSOC as soon as possible.
Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), urged the Senate committee to approve Woodall and the full Senate to quickly confirm him before the August recess.
“Mr. Woodall’s years of experience working on insurance issues will make him a credible voice for the industry in this important position,” said Pusey.
“A timely confirmation will ensure that insurers’ interests are fully represented on the FSOC,” she said.
Charles M. Chamness, president and CEO, the National Association of Mutual Insurance Companies, also backed Woodall and urged swift confirmation.
“FSOC has already been working on regulations that could have an enormous impact on the insurance market and it needs a seasoned expert with a genuine understanding of how insurance works. Roy’s voice and vote are needed around the FSOC table as soon as possible,” said the NAMIC executive.
“Roy has the knowledge and experience that can help other members and staff at FSOC understand how insurance works, and the role it plays in our economy. His expertise will reinforce the fact that no mutual property/ casualty insurance company contributed to the financial crisis, and our industry does not pose systemic risk.”
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