Rep. Paul E. Kanjorski Holds a Hearing On Insurance Holding Company Supervision
Political Transcript Wire › March 23, 2010
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Rep. Paul E. Kanjorski Holds a Hearing On Insurance Holding Company Supervision
HOUSE COMMITTEE ON FINANCIAL SERVICES, SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE AND GOVERNMENT-SPONSORED ENTERPRISES HOLDS A HEARING ON INSURANCE HOLDING COMPANY SUPERVISION
MARCH 18, 2010SPEAKERS: REP. PAUL E. KANJORSKI, D-PA. CHAIRMAN REP. GARY L. ACKERMAN, D-N.Y. REP. BRAD SHERMAN, D-CALIF. REP. MICHAEL E. CAPUANO, D-MASS. REP. RUBEN HINOJOSA, D-TEXAS REP. CAROLYN MCCARTHY, D-N.Y. REP. JOE BACA, D-CALIF. REP. STEPHEN F. LYNCH, D-MASS. REP. BRAD MILLER, D-N.C. REP. DAVID SCOTT, D-GA. REP. NYDIA M. VELAZQUEZ, D-N.Y. REP. CAROLYN B. MALONEY, D-N.Y. REP. MELISSA BEAN, D-ILL. REP. GWEN MOORE, D-WIS. REP. PAUL W. HODES, D-N.H. REP. RON KLEIN, D-FLA. REP. ED PERLMUTTER, D-COLO. REP. JOE DONNELLY, D-IND. REP. ANDRE CARSON, D-IND. REP. JACKIE SPEIER, D-CALIF. REP. TRAVIS CHILDERS, D-MISS. REP. CHARLIE WILSON, D-OHIO REP. BILL FOSTER, D-ILL. REP. WALT MINNICK, D-IDAHO REP. JOHN ADLER, D-N.J. REP. MARY JO KILROY, D-OHIO REP. SUZANNE KOSMAS, D-FLA. REP. ALAN GRAYSON, D-FLA. REP. JIM HIMES, D-CONN. REP. GARY PETERS, D-MICH. REP. BARNEY FRANK, D-MASS. EX OFFICIOREP. SCOTT GARRETT, R-N.J. RANKING MEMBER REP. JEB HENSARLING, R-TEXAS REP. TOM PRICE, R-GA. REP. MICHAEL N. CASTLE, R-DEL. REP. PETER T. KING, R-N.Y. REP. FRANK D. LUCAS, R-OKLA. REP. DONALD MANZULLO, R-ILL. REP. ED ROYCE, R-CALIF. REP. JUDY BIGGERT, R-ILL. REP. SHELLEY MOORE CAPITO, R-W.VA. REP. ADAM H. PUTNAM, R-FLA. REP. J. GRESHAM BARRETT, R-S.C. REP. JIM GERLACH, R-PA. REP. JOHN CAMPBELL, R-CALIF. REP. MICHELE BACHMANN, R-MINN. REP. THADDEUS MCCOTTER, R-MICH. REP. RANDY NEUGEBAUER, R-TEXAS REP. KEVIN MCCARTHY, R-CALIF. REP. BILL POSEY, R-FLA. REP. LYNN JENKINS, R-KAN. REP. SPENCER BACHUS, R-ALA. EX OFFICIOWITNESSES: JON GREENLEE, ASSOCIATE DIRECTOR, DIVISION OF BANKING SUPERVISION AND REGULATION, FEDERAL RESERVE BOARD OF GOVERNORSGROVETTA N. GARDINEER, MANAGING DIRECTOR FOR CORPORATE AND INTERNATIONAL ACTIVITIES, OFFICE OF THRIFT SUPERVISIONSEAN DILWEG, COMMISSIONER, STATE OF WISCONSIN, OFFICE OF THE COMMISSIONER OF INSURANCEANN FROHMAN, DIRECTOR, NEBRASKA DEPARTMENT OF INSURANCE[*] KANJORSKI: Good morning. The subcommittee will come to order. And we will hear -- without objection, all members' opening statements will be made part of the record -- we'll hear from our distinguished panel. First, we'll have our opening statements. I'll deliver mine, first of all. We meet today to further examine the issue of insurance supervision, especially as it relates to holding companies. The time is ripe for us to delve into the complicated and important subject. The federal government's intervention in the American International Group has raised many questions about the existing oversight of holding companies with insurance operations. While AIG's insurance companies may not have directly caused the conglomerate's downfall, the actions of the holding company and other subsidiaries within AIG certainly could have led to serious consequences for insurance policy holders if the government had not stepped in. During our recent debates in the House, on the Wall Street reform bill, we also tackled many questions about holding company oversight. While we already know much about supervision of financial bank and thrift holding companies, we now need to take the time to learn more about the regulation of insurance holding companies. I believe that today's hearing will help us to identify ways that we can further improve the financial service regulatory reform bill before it becomes law. The vast majority of insurance holding companies, some of which are shells and some of which are complex, are currently regulated at the state level. Additionally, the Federal Reserve system and the Office of Thrift Supervision together oversees no less than 100 entities with insurance operations. Our witnesses will help us to be better understand the current lay of the land when it comes to consolidated supervision of ...See the full content of this document
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