The Senate Banking Committee today looked at an issue addressed in the legislation reported earlier this year by the Senate Banking Committee (see Client Report REFORM113). The bill may move to the Senate floor later this month, with the chairman using this session to hear from industry groups opposed both to the FSB and FSOC, laying out the rationale for language in his bill that opens the FSOC-designation process and imposes numerous hurdles to FSOC action on FSB policies for the insurance industry. Democratic senators seemed sympathetic to complaints about the FSB, with their witness at the hearing blasting the way insurance companies have been named.
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