Representatives of three banking and securities industry trade groups all urged Congress today to create a greater role for federal regulators in overseeing insurance companies.
The comments were made at a hearing before the House Financial Services Committee on how financial regulation should be restructured to reflect the lessons learned from the current meltdown of financial services companies due to investment in credit default swaps and mortgage-backed securities.
Edward Yingling, president and chief executive officer of the American Bankers Association, said, "given the current problems in the financial markets, it would be a remarkable oversight for Congress not to develop a federal approach to insurance regulation."
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