WASHINGTON–The chairman of the House Financial Services Committee said today that supporters of federal insurance regulation should expect an increased focus on consumer protections to come with it.
Speaking at the Networks Financial Institute's Annual Insurance Reform Summit in Washington, Rep. Barney Frank, D-Mass., advised optional federal charter supporters to “think about what conditions you would accept with it, because there will be some.”
Specifically, Rep. Frank said that the issue of consumer protections would be a key to any proposal, as lawmakers will be hesitant to support any legislation that might ultimately do more harm to themselves than good.
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