(Bloomberg) — A member of the U.S. panel charged with preventing another financial crisis said he's concerned that global regulators have too much sway over American policy, especially on insurance.
"International regulatory organizations may be attempting to exert what I consider to be inappropriate influence on the development of U.S. regulatory policy," Roy Woodall, the member of the Financial Stability Oversight Council with insurance expertise, said in testimony prepared for a Senate Banking Committee hearing Tuesday.
Woodall said U.S. interests may be underrepresented at the Financial Stability Board, a group of regulators from around the world, including the U.S., that makes recommendations to the Group of 20. While the board's decisions reflect the consent of the U.S. Treasury Department, Federal Reserve and Securities and Exchange Commission, they exclude U.S. state insurance regulators and other agencies, Woodall said.
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