Bill Would Limit Fed's Power Over 'Too Big To Fail' Insurers

Law360, New York (May 28, 2013, 4:31 PM EDT) -- Reps. Gary Miller, R-Calif., and Carolyn McCarthy, D-N.Y., on Thursday introduced a bill in the U.S. House of Representatives that would make it tougher for the Federal Reserve to impose its own capital standards on insurers that are deemed "too big to fail."

According to Miller, H.R. 2140, the Insurance Capital and Accounting Standards Act, would keep the Federal Reserve from requiring insurers to meet the same capital standards as banks. The insurance industry has vehemently argued that the two sectors have distinct risk profiles and...
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