WASHINGTON–An organization of top financial services executives proposed legislation today that the group said would mandate better regulation and coordination of the sector.

In calling for the measure, Tom Renyi, chairman of the Financial Services Roundtable, cited the problems of the state-regulated bond insurance industry and the lack of an optional federal insurance charter system as reasons it is needed.

Mr. Renyi, who also serves as executive chairman of The Bank of New York Mellon, and Steve Bartlett, president and chief executive officer of the Roundtable, noted in separate statements that an optional federal charter for insurers would incorporate all three of the components of the Rountable's legislative revamp proposal: coordination, principles-based regulation and prudential supervision.

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