Pinpoint - MetLife v FSOC

2015 0325 - GOV (Senate) - FSOC Accountability Nonbank Designations

  • [PDF-165p,  VIDEO-CSPAN] - <mp3, mp4> - T
  • (p37/2:08) - Elizabeth Warren - I have heard that the designation process is not transparent, and I am all for increased transparency, but I assume the  Council must balance transparency against disclosing confidential or potentially market-moving information.

2014 12 - Woodall / Adam Hamm - re: FSOC MetLife Designation - Views of the Council’s Independent Member Having Insurance Expertise - 13p

Adam Hamm (NAIC President and State Insurance Commissioner Representative - North Dakota): 

  • Finally, I would be remiss if I did not mention that, despite the sheer volume of arguments (no
    matter how far-fetched) contained in the Basis, the Council fails to identify the specific set of
    legitimate issues of concern that has led to the company’s designation.  (p12)
  •  Roy Woodall  - It is important to identify particular activities in order to encourage appropriate and further action that could lessen any company-specific threat to U.S. financial stability.
  • *Paraphrasing what one insurance thought leader once told me: “We should not tolerate any insurance company posing a threat to our financial system – pinpoint what makes them systemically risky and let’s fix them.”3
    • 3Therese M. Vaughan, Ph.D., Dean of the College of Business and Public Administration, Drake University, and former Iowa Insurance Commissioner, President and CEO of the National Association of Insurance Commissioners, International Association of Insurance Supervisors Executive Committee member, and Chair of the Joint Forum.>