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Gov. Daniel Tarullo attends a Board of Governors meeting on Nov. 30, 2015, at the Marriner S. Eccles Federal Reserve Board Building in Washington. (AP Photo/Andrew Harnik)

The biggest and most complex U.S. insurance firms are in line to face capital standards that are simpler and less costly than those imposed on Wall Street banks, Federal Reserve Governor Daniel Tarullo said Friday.

The Fed “in coming weeks” will seek outside comment on its plan for creating insurance-industry rules mandated by the Dodd-Frank Act, Tarullo said in a Washington speech. His comments revealed the long-awaited outlines of how the Fed will regulate insurers, a controversial process that MetLife Inc. has already sued over to avoid tougher oversight.

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