WASHINGTON–The ranking minority member of the Senate Banking Committee signaled today that plans for a general overhaul of financial services regulation should involve considering federal insurance industry oversight.
In comments at a hearing on the need for modernizing insurance regulation, Sen. Richard Shelby, R-Ala., said that the Committee is moving towards "a very comprehensive regulator for the entire financial system."
He also said that recent events–including the need to rescue American International Group–"raises some "serious questions about the adequacy of state supervision."
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