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Treasury Secretary Jacob Lew, right, smiles as he talks with Federal Reserve Chair Janet Yellen during the open session of the Financial Stability Oversight Council, Wednesday, Jan. 21, 2015, at the Treasury Department in Washington. The preliminary agenda for the open session includes an update on benchmark reform efforts and a discussion of the Council’s process for considering nonbank financial companies for potential designation. (AP Photo/Pablo Martinez Monsivais)
 

(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.

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