The Bush administration will testify on insurance oversight thisweek before the U.S. Senate Banking Committee in another sign ofgrowing federal interest in revamping the industry's regulatorylandscape.
The July 18 hearing will follow last Tuesday's session onregulatory reform, during which representatives of industry groupsclashed--while senators argued among themselves--over what shouldbe done. Industry lobbyists said it is likely the committee willhold another hearing in September.
Offering the White House's "Perspectives on InsuranceRegulation" this week will be Randal K. Quarles, Treasuryundersecretary for domestic finance. However, a Treasury Departmentrepresentative sought to dampen speculation the administrationmight use the hearing to outline its views on optional federalcharter legislation introduced in the Senate in April.
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