Final action on the insurance section of financial services reform legislation has been delayed as conferees work through an impasse over a federal insurance office's scope of authority in international matters.
Specifically, the debate is focused on the authority a federal insurance office within the Department of Treasury would have to preempt state regulation when negotiating bilateral trade accords.
"The issue is being worked out with staff and a members' working group," a member of the conference committee said as the conferees regrouped to work through additional titles last week.
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