Supporters of a federal insurance regulator should start considering what kind of price they are willing to pay for the option in terms of greater consumer protections, the chairman of the House Financial Services Committee warned.
Speaking here last week at the Networks Financial Institute's Annual Insurance Reform Summit, 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 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 their political fortunes than good.
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