The Treasury Department's support for an optional federal charter for insurance as part of a broad overhaul of financial services regulation does not embody an endorsement of any particular piece of legislation, a department official said today.
The Treasury blueprint proposal brought a mixed reaction in Congress. Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said "the plan goes too far in diminishing the role of the states" implying he would not support a regulatory scheme that did not include a key role for states in insurance.
But Rep. Paul Kanjorski, D-Pa.., chairman of the key Capital Markets Subcommittee contained in Mr. Frank's panel, said he would support legislation creating an OFC. "I have worked toward this goal for some time," he said in a statement.
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