WASHINGTON–Federal Reserve Board Chairman Ben Bernanke told House members today it would be a "useful idea" to create a federal charter option for insurance companies, "particularly for large, systemically critical insurance companies."
Mr. Bernanke made his comments in response to a question from Rep. Ed Royce, R-Calif., before the House Financial Services Committee today. Mr. Royce is a cosponsor of legislation recently introduced in the House of Representatives that would create a federal charter option for insurers.
The Federal Reserve Board chairman was before the committee giving his semi-annual monetary policy report to Congress.
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