NU Online News Service
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.
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