NU Online News Service, June 23, 12:41 p.m. EST
WASHINGTON—The White House is conducting background checks on former Kentucky insurance commissioner S. Roy Woodall, reports say.
The action could be a sign that the Obama administration is moving to fill the slot on the Financial Stability Oversight Council reserved for an independent member with insurance expertise.
Woodall was a Treasury Department consultant until January.
Under the Dodd-Frank financial services reform law, the post is subject to Senate confirmation.
"We've heard these rumors before but no one knows when the official nomination is going to happen," cautions Blain Rethmeier, a spokesman for the American Insurance Association.
He says, "It's important that the industry be adequately represented on the FSOC and this voting member is a critical position."
Woodall has been president of the National Association of Life Companies. He also worked on state issues at the American Council of Life Insurers, and worked under contract as a consultant to the Treasury Department on insurance issues for the Bush and Clinton administrations.
Woodall also worked for a Washington, D.C. law firm and for the Congressional Research Service as one of its insurance experts.
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