Allstate Chairman and CEO Tom Wilson today called for a federal charter for insurance in a speech before the Capital Markets Summit held by the U.S. Chamber of Commerce in Washington.
“[The federal charter] would allow strong consumer protections and uniform regulation across states that would lower administrative costs and improve access to new and innovative products,” said the chief executive officer for the Northbrook, Ill.-based insurer.
“The United States has the most sophisticated capital markets in the world, with the most competitive and innovative financial instruments. Yet our system for regulating them is a Depression-era hodgepodge. We need real regulatory reform, better oversight and greater transparency,” he said.
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