WASHINGTON–An influential senator said today that federal lawmakers need to consider U.S. regulation of the insurance industry, which now has only state oversight.
Sen. Richard Shelby, R-Ala., made his comments during a Senate Banking Committee hearing citing the debacle at American International Group, which has required billions in government bailout money as a reason to consider federal regulation of the sector.
"I want to pick up on regulatory reform," Sen. Shelby said today at the committee's hearing to consider confirmation of Mary Schapiro as chairman of the Securities and Exchange Commission.
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