Government Hearings - 2014

  • 2014 0204 - GOV (House) - The Federal Insurance Office’s Report on Modernizing Insurance Regulation
    •  [PDF-214pVIDEO-YouTube] - <Bonk: mp3, mp4>
    • Mcraith, Leonardi, In background (Ben Nelson, Gary Hughes?)
    • House - Committee on Financial Services - Housing and Insurance
  • Finding the Right Capital Regulations for Insurers 
    • [PDF-105p, VIDEO-Senate] - <Bonk: mp3, mp4> - T
    • Daniel Schwarcz, Collins
    • 2014 0310 - Letter - Sheila C. Bair to Senator Sherrod Brown (D-OH) - 6p
      • I question the argument that insurance organizations should have weaker bank/thrift holding company protections because their insurance policy holders can’t easily cash out if they make bad investments.
    • AAA - William C. Hines - 6p
    • Senate - Banking, Housing, and Urban Affairs Committee - Subcommittee on Financial Institutions and Consumer Protection
  • 2014 0520 - GOV (House) - Legislative Proposals to Reform Domestic Insurance Policy
    • [PDF-128p, VIDEO-YouTube] - <Bonk: mp3, mp4>
    • Hughes, Schwarz, Ross, Sean Duffy - I'm very productive
    • question: would the case of Executive Life created a Systemic Risk?
    • House - Committee on Financial Services - Housing and Insurance
  • 2014 0520 - GOV (House) - Examining the Dangers of the FSOC’s Designation
  • 2014 0723 - GOV (House-CFS) - Assessing the Impact of the Dodd–Frank Act Four Years Later
    • [PDF-169p, VIDEO-CSPAN]
    • (p5) - Shelley Moore Kapito (R-WV) - (Unfortunately, the consequences of Dodd-Frank are not limited to access to credit.
      • Life insurance policyholders could potentially see increases in premiums if life insurers are forced to capital levels designed for a lending institution.
      • I will continue to work with both Chairman Hensarling and Chairman Neugebauer to resolve this unintended consequence. 
    • (p46) - Barney Frank (D-MA)  And I don’t think that—if that is your major—if that is all you do is asset management or sell life insurance, I don’t think you should be a SIFI. For one thing, I think they have enough other things to do, and there is no sign of their causing problems.
    • (p72) - Barney Frank (D-MA) -And, with AIG—and you go about the causes—the Federal Reserve—Mr. Bernanke came to us in September of 2008 and said, ‘‘I have just given $85 billion to AIG.’’
      • We have changed the law. He couldn’t do that again because they weren’t solvent.
    • House - Committee on Financial Services
  • 2014 0909 - GOV (Senate) - Wall Street Reform: Assessing and Enhancing the Financial Regulatory System, Financial Regulatory System (CSPAN)
    • [PDF-177p, VIDEO-CSPAN] - <Bonk: mp3, mp4>
    • (p24) Mr. TARULLO.
      • So, Senator, I guess I would draw a distinction between the creation of capital standards for traditional or current insurance activities, on the one hand, and an assessment of systemic risk on the other.
      • My own reading of the FSOC process with respect to Prudential and AIG is that there is not a lot of concern about the core insurance activities of those companies.
      • The concerns were with respect to some nontraditional insurance activities where runnability is more of a concern, and also with respect to things that are not insurance activities of any sort.
      • I think that is where the analysis would allow one to conclude there is systemic importance.
      • I personally do not think that the issue of whether there is systemic importance in traditional insurance activities has really been broached, and I am personally not sure we need to broach it.
      • I mean, my pretty strong presumption would be that there is not.
    • Senate - Committee on Banking, Housing and Urban Affairs
  • 2014 0917 - GOV (House) - Oversight of the FSOC
    • [PDF-72p, VIDEO-YouTube] - <Bonk: mp3, mp4>
    • (p15) - Fitzpatrick - "Runnability"
      • Mr. FITZPATRICK. Governor Tarullo also noted that AIG and Prudential were designated as systemic not because of their core insurance activities but due to what he called ‘‘nontraditional insurance activities,’’ where runnability is more of a concern, and also with respect to things that are not insurance activities of any sort.
        • Do you agree with Governor Tarullo that to justify designating an insurance company as an SIFI that one would have to find that the company engages in activities that are not traditional insurance activities and that do pose systemic risk?
    • 38:00 - Carolyn Maloney - Duty/Tools, Risk Identification, Risk Mitigation, Risky Activities 
    • Patrick McHenry
    • FSOC - Patrick Pinschmidt, Deputy Assistant Secretary, Financial Stability Oversight Council - Testimony - 5p
    • GAO - Nicole Clowers, Director, Financial Markets and Community Investment, Government Accountability Office - 19p
    • House Page
    • House - Committee on Financial Services - Subcommittee on Oversight and Investigations
  • 2014 1118 - GOV (House) - The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II
    • [PDF-140pVIDEO-YouTube] - <mp3, mp4>
    • House - Committee on Financial Services - Housing and Insurance
  • 2014 1121 - GOV (Senate) - Improving Financial Institution Supervision:  Examining and Addressing Regulatory Capture. Examining the Causes, Implications, and Potential Methods of Addressing Regulatory Capture
    • [PDF-80p,  VIDEO-CSPAN] - <mp3, mp4>
    • Senate - Committee on Banking, Housing, and Urban Affairs - Subcommittee on Financial Institutions and Consumer Protection