The Obama administration's initial comprehensive white paper on financial services regulatory reform explicitly acknowledged that traditional property and casualty insurers did not cause the current fiscal crisis.
This acknowledgement, and the fact that the administration's proposal focuses on the real problem of systemic risk, is an appropriate, focused response to address the immediate systemic risk gaps.
With so many competing priorities facing our country, this realistic approach could create immediate reforms without being bogged down in the ongoing debate over state-vs.-federal regulation of the property and casualty industry.
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