An influential group of financial services executives is proposing creation of an omnibus federal financial regulator with a jurisdiction including life and property-casualty insurers as well as agents.
The proposal was adopted Thursday by the board of the Financial Services Roundtable, and is now being circulated to congressional leaders as well as officials in the Obama administration, according to Peter Freeman, vice president for insurance for the FSR.
The group has put out its report in advance of the Obama administration's blueprint for financial institutions, which is due out shortly.
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