The chairman of the Subcommittee on Housing and Insurance wrote a sharply worded letter to Federal Insurance Office Director Michael McRaith, demanding to know why several overdue reports required by the Dodd-Frank Act were still not submitted to Congress.
“As director of FIO, you have failed to comply with the statutory requirements to provide the reports detailed below,” wrote Randy Neugebauer, R-Texas, citing three reports, including the so-called insurance regulation modernization report, which is the most long-awaited. It was due Jan. 21, 2012.
The FIO reports, when published, would go to the subcommittee and parent House Financial Services Committee. In the Oct. 7 letter to McRaith, Neugebauer says Congress has not been given any legal justification of why FIO has not met its report deadlines so far and asked for a written response detailing the reasons — whether personnel, budgetary, political, operational or technical — as to why the reports are not submitted yet.
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