The release of the Treasury Department's "Blueprint for a Modernized Financial Regulatory Structure" has generated a significant amount of reaction from both supporters and opponents of an optional federal charter.
As expected, the blueprint supports the creation of an OFC for insurance companies. Given the Treasury's role in financial regulation, this endorsement represents a major victory for OFC supporters.
Nonetheless, the congressional action necessary to create an OFC appears unlikely in the short term. The debate over the creation of an OFC has been waged for years, and the blueprint alone is unlikely to change the views of those who have been arguing either side of the issue.
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