Support for an optional federal charter for insurance carriers and producers is building on Capitol Hill and within the Bush administration, according to one of the bill's House sponsors, Rep. Ed Royce, R-Calif., who said the OFC concept is "gaining a lot of momentum."
Speaking at the Networks Financial Institute Reform Summit in Washington last week, Rep. Royce said that Treasury Secretary Henry Paulson expressed "very positive sentiments" on a potential OFC in comments to the Senate Banking Committee, indicating possible backing from the White House should a bill pass Congress.
Rep. Royce also expects the OFC to be included in a report that Treasury is expected to make on its recommendations for reforming the financial regulatory system. "From what we've heard, this is going to be a part of that report," he said.
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