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Feds need means to deal with next AIG

Gregg Gelzinis explains why eliminating the Treasury Department's Federal Insurance Office would present financial risks.

There is no doubt that the Dodd-Frank Act will be under attack over the next several years. Battles over well-known aspects of the law, like the Volcker Rule or the Consumer Financial Protection Bureau, are sure to get a lot of attention. But lesser-known — though still important — components of Dodd-Frank will likely receive much less public scrutiny, making them vulnerable to repeal without much fanfare.

For example, recent reports suggest that the National Association of Insurance Commissioners — a standard-setting body consisting of state insurance commissioners — plans to lobby Congress for the elimination of the Federal Insurance Office. Eliminating the FIO, an office that hasn’t received a lot of attention, would be a dangerous error that ignores the lessons learned in the 2007-2008 financial crisis.

The above excerpt was originally published in American Banker. Click here to view the full article.

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Gregg Gelzinis

Associate Director