The confirmation of Jacob Lew as secretary of the Treasury late Wednesday clears the way for action on several insurance-related issues, including the release of a long-delayed report on insurance-regulation modernization.
Indeed, at a hearing Wednesday, Rep. Gary Miller, R-Calif., vice chairman of the House Financial Services Committee, told Federal Reserve Board chairman Ben Bernanke that, “There's a tremendous amount of havoc in that [insurance] industry today because of what they don't know [about federal regulatory initiatives].”
Miller was referring to capital standards for insurers that operate thrifts as well as action by the Financial Stability Oversight Council on designating non-banks as systemically important financial institutions (SIFIs).
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