John Snow, the former treasury secretary for the Bush administration, said he supports the Treasury proposal to provide an optional federal charter for insurers.

The insurance industry has too many regulators, Mr. Snow said as he was interviewed Monday night on National Public Television's Charlie Rose Show.

He said the plan to streamline the U.S. financial regulatory system crafted by his successor, Treasury Secretary Henry M. Paulson Jr., which contains a call for an optional federal charter, is a “move in the right direction.”

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