The Federal Reserve Board recognizes there are “critical differences” between banks and insurance companies, Federal Reserve Board chairman-designate Janet Yellen told a Senate committee at her confirmation hearing Nov. 14.
However, Yellen declined to be hemmed in on how the Fed will deal with that issue, saying only that the Fed is undertaking a study as part of its new responsibilities to oversee systemically important insurers as well as insurers designated as thrift holding companies.
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