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ACLI Cheers Paulson

April 1st, 2008

Former Oklahoma Gov. Frank Keating (R), president of the American Council of Life Insurers (ACLI), says Treasury Secretary Paulson’s regulatory proposals for life insurers would save consumers $5.7 billion per year.

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This entry was posted on Tuesday, April 1st, 2008 at 3:51 pm and is filed under Uncategorized .

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The Hill : We spoke to several members of the Senate Banking Committee about the Administration's plan to Regulate the Financial sector.

Erica Wisniewski : Are you supportive of Secretary Geithner’s plan to put more regulatory power in the Federal Reserve? And what about the idea of a new council being used to perform oversight?

Sen. Corker : I think all of us would like to see appropriate consumer protection. I think this sort of twin peaks way of looking at this, where you have this agency that in many ways could end up being a real stifler of innovation is of concern.

Sen. Warner : Too much power of concentration in the Fed in terms of systemic risk could pose a potential conflict with its primary goal of monetary policy. I actually think a systemic council that would have an independent chair that would include the chairman of the Fed, and the treasury secretary and all the day-to-day regulators. That sole responsibility was evaluating and preventing systemic risk is a better model.

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