Senate Panel Rips Fed's Take On Capital Rules For Insurers

Law360, New York (March 11, 2014, 2:08 PM EDT) -- Members of a U.S. Senate financial services committee on Tuesday agreed that the Federal Reserve has full power to tailor capital regulations for insurers rather than impose banklike rules, but said new legislation making that point clear should move forward if the Fed continues to disagree.

At a hearing of the Senate Banking, Housing and Urban Affairs Committee's Financial Institutions and Consumer Protection Subcommittee — where representatives of the Fed were noticeably absent — Republican and Democratic senators, Sullivan & Cromwell LLP's senior chairman, a law professor and insurer representatives all said the Federal Reserve had authority under Section 171 of...

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