NU Online News Service, Sept. 27, 12:12 p.m. EDT
WASHINGTON—The Senate last night confirmed the nomination of Roy Woodall to be the independent member of the Financial Stability Oversight Council with insurance expertise.
He was named for a six-year term.
The action was done by unanimous consent as part of an agreement to confirm the nomination of a number of people for seats on boards, courts and independent commissions.
However, a number of other appointments to head federal regulatory agencies, including banking and securities agencies, remain outstanding because of Republican opposition.
Woodall’s nomination was approved by the Senate Banking Committee Sept. 8.
The seat is mandated by the Dodd-Frank financial services modernization law creating the FSOC.
He will be one of three insurance representatives on the FSOC, and the only one with voting power.
Two non-voting insurance representatives currently sit on the FSOC: Missouri Insurance Director John Huff is the representative of National Association of Insurance Commissioners and Michael McRaith, director of the new Federal Insurance Office.
Industry officials laud the confirmation and say they look forward to working closely with Woodall on insurance issues related to the FSOC.
Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies, says, “Roy Woodall is a tremendous insurance expert with many years of experience.”
Grande said that having someone on the FSOC who is not “banking centric and understands the fundamental differences of the insurance industry can only help this council reach sounder decisions.”
Charles Symington, IIABA senior vice of government affairs, says Woodall’s confirmation comes on the heels of calls urging that an insurance expert be nominated to the FSOC before it makes any further policy decisions that could impact this important sector of our economy.
“Woodall has a strong history of working on insurance-policy issues at both the state and federal level, and the IIABA looks forward to continuing to work with him in his new capacity on the FSOC.”
Leigh Ann Pusey, president and CEO of the American Insurance Association adds that Woodall “is uniquely qualified to serve in this position and the entire industry has been eager for him to begin in his official capacity.”
Ben McKay, PCI senior vice president of federal government relations, says “The FSOC has been deliberating over rules for regulating nonbank financial institutions without the benefit of a voting insurance representative.” He notes that Woodall brings “extensive experience in the insurance sector and a deep understanding of the state insurance regulatory system.”
Roy Woodall was Kentucky insurance commissioner from 1966-67. He also served as president of the National Association of Life Companies (NALC), and upon NALC’s merger into the American Council of Life Insurers (ACLI), he served as ACLI’s managing director for issues and vice president/chief counsel for state relations. He recently retired as the senior insurance policy analyst at the Department of the Treasury, where he served from 2002 to 2011. From 2001 to 2002, Woodall was an insurance consultant for the Congressional Research Service.