Filed Under:Your Practice, Regulatory

New Regulatory Non-Governmental Council Formed

Systemic Risk Council senior advisor  Paul Volcker (AP Images)
Systemic Risk Council senior advisor Paul Volcker (AP Images)

Former regulators and legislators have created a new committee aimed at putting pressure on Washington officials to continue to focus on rules and laws aimed at reducing systemic risk in financial markets.

Ironically, the purpose of the new Systemic Risk Council announced today will be to encourage the types of agencies and regulation the insurance industry adamantly argues is not needed to monitor itself.

At the hearing, Metropolitan Life Insurance Co., Americas, President William “Bill” Wheeler objected to designating a handful of insurance companies as SIFIs because it would upset the insurance industry balance in the United States.

The government will be “picking winners and losers in the insurance industry,” Wheeler warned lawmakers.

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Nichole Morford

Nichole Morford
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