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U.S. Sen. Susan Collin, R-Maine, speaks during a news conference in the U.S. embassy in Baghdad in 2006 (AP Photo/Sabah Arar, Pool)

It was not Congress’ intent that federal regulators “supplant state-based regulation with a bank-centric capital regime,” Sen. Susan Collins, R-Maine, says in a Nov. 26 letter to Federal Reserve Chairman Ben Bernanke and other U.S. banking regulators.

Collins is the author of the “Collins Amendment” in the Dodd Frank Act, which requires bank holding companies to be subject to certain capital requirements. Insurers and NAIC staff have said they have had conversations with Collins’ staff and requested she tell the Fed her intent was not to subject insurers to strict bank capital standards if the Fed was their prudential regulator. In October, some Senators made that case, and now Collins is adding to their collective voice. 

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