WASHINGTON--Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, voiced support yesterday for an optional federal charter for insurance companies, especially for life insurance.

At the same time, Rep. Melissa Bean, D-Ill., and Rep. Ed Royce, R-Calif., announced separately this week that they continue to retool their legislation that would create an optional federal charter for all insurers and hope to have their bill introduced in the House within several weeks.

Also yesterday Sen. Tim Johnson, D-S.D., and Don Kohn, vice chairman of the Federal Reserve Board, both cited an optional federal charter as something that should be explored. Their separate comments came at a Senate Banking Committee hearing on the latest federal bailout of American International Group.

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