December 7, 2017

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FSR Testimony: Insurance Regulation Must Support U.S. Economic Competitiveness

The goal of FSR and its members is to ensure that the financial system can effectively serve consumers and businesses while maintaining the soundness of the broader market.

FSR Testimony: Insurance Regulation Must Support U.S. Economic Competitiveness
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FSR Testimony: Insurance Regulation Must Support U.S. Economic Competitiveness

FSR Testifies Before House Financial Services Committee

 

WASHINGTON – In testimony today before the House Financial Services Committee, Financial Services Roundtable (FSR) called on Congress to pass insurance legislation that seeks to minimize regulatory overlap and maintain the competitiveness of U.S. markets globally.

“The goal of FSR and its members is to ensure that the financial system can effectively serve consumers and businesses while maintaining the soundness of the broader market,” testified Anthony Cimino, FSR’s Head of Government Affairs. “We can achieve this objective when regulators carefully implement new regulations to ensure they are tailored to market needs and avoid regulatory duplication.”

Cimino spoke in favor of two bills that ensures the financial regulatory system works to grow American economic opportunities. FSR supports H.R. 3179, the Transparency and Accountability for Business Standards Act sponsored by Rep. Hollingsworth. This legislation would require federal banking agencies to provide a rationale and perform an in-depth analysis when promulgating prudential standards that impose different requirements than related international standards. Legislation in this area is needed to address multiple areas where U.S. standards are currently out of step with non-U.S. institutions, placing American companies at a competitive disadvantage.

FSR also supports H.R. 3746, the Business of Insurance Regulatory Reform Act, sponsored by Reps. Duffy and Moore. This legislation would clarify the Consumer Financial Protection Bureau’s authority, reiterate and clarify that insurance regulation is the purview of state insurance regulators and include a rule of construction that construes deference to State regulators.

FSR looks forward to working with policymakers to move these bills forward. To read FSR’s full testimony, click here.

 

 

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About The Author

The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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