State Lawmakers Oppose 'Uber' Financial Regulator

Law360 (May 13, 2009, 12:00 AM EDT) -- As U.S. lawmakers grapple with how to manage systemic risk in the financial markets, a group of state insurance legislators has called on congressional leaders not to forget the role of the states in any new regulatory scheme.

In a letter to top lawmakers on Monday, the National Conference of Insurance Legislators warned against the creation of a “super” federal regulator, suggesting instead that they increase communication between existing state and federal agencies to better monitor the financial markets.

"Any proposal should involve state regulatory authorities...
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