Despite the “skepticism” of a key congressional leader, three financial services groups have “recommitted” their members to work for adoption of “comprehensive” legislation creating an optional federal charter next year in an attempt to “modernize” insurance industry oversight.
The statement of Marc Racicot, president of the American Insurance Association; Frank Keating, president and chief executive officer of the American Council of Life Insurers; and Edward Yingling, president and CEO of the American Bankers Association, followed a Nov. 28 meeting at the ACLI offices of the three trade group officials and lobbyists for member-companies.
However, the sledding won't be easy for OFC, based on recent comments by Rep. Barney Frank, D-Mass., who will head the House Financial Services Committee in a Democratic-led Congress next year.
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