NU Online News Service, April 14, 10:35 a.m. EDT
The insurance industry's interests on the Financial Stability Oversight Council (FSOC) are "inadequately represented" because of the council's policies, the National Association of Insurance Commissioners (NAIC) told a congressional panel.
The Treasury Department has taken "a very narrow and, in my opinion and the NAIC's opinion, incorrect view" of the provision establishing the FSOC in the Dodd-Frank law, John Huff, director of insurance in Missouri and a non-voting member of the FSOC, said in testimony before the Oversight and Investigations Subcommittee of the House Financial Services Committee.
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