WASHINGTON–A top House Financial Services Committee aide toldstate insurance legislators on Friday that legislation passed inthis Congress will create a federal regulator for insurance,“certainly at the systemic risk level, and very probably beyondthat.”
Tom Glassic, a counsel to Rep. Barney Frank, D-Mass., chairmanof the House Financial Services Committee, said federal regulationof insurance is unlikely to include an optional federal charter,but “some reform” is likely at the federal level.
He declined to elaborate.
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