In the News

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.

The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. A full list of supporters is available here. American Progress would like to acknowledge the many generous supporters who make our work possible.

Authors

Gregg Gelzinis

Associate Director