The Shelby bill reported on a party-line vote by the Senate Banking Committee addresses insurance-company SIFI designation by global regulators, FRB regulation, and global regulatory and resolution standards. The legislation does not mandate action in areas like capital standards for insurance companies under FRB supervision to build on law enacted in the last Congress or otherwise directly affect SIFI designation for insurance companies and FRB regulation over them or other insurance companies under its jurisdiction. It would, however, mandate considerably more transparency over the way U.S. agencies act on global agreements in these areas, as well as those related to resolution. This tracks legislation introduced earlier this year.
The full report is available to retainer clients. To find out how you can sign up for the service, click here
