The House Financial Services Committee (HFSC) is urging the Federal Insurance Office (FIO) to submit several "long overdue reports without further delay."
In its oversight plan for the 113th Congress, the HFSC says it will also conduct "significant oversight over the Financial Stability Oversight Council (FSOC)," monitoring the extent to which its designation of systemically important financial institutions (SIFIs) may create an expectation among market participants that the firms are too big to fail.
The committee also said it will work to ensure that the FIO, housed in Treasury, is focused on developing "expertise on insurance matters and does not impose unwarranted or excessive data collection burdens on the insurance sector or on small insurers in particular."
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
