The Senate last night shoved through in virtually unprecedented fashion legislation that would clarify that the Federal Reserve Board can apply insurance-based capital standards to the insurance portion of any insurance holding company it oversees.

“Given the partisan gridlock we see every day in Washington, it should say something when legislation is passed with unanimous consent,” says Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies.  “We appreciate the work being done in both the House and Senate to clarify this issue,” he added.  

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