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Senate Confirms Woodall As Voting Member of FSOC

Source: Business Insurance - Mark Hoffman

Posted on 27 Sep 2011

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The U.S. Senate has confirmed S. Roy Woodall to serve as a voting member on the Financial Stability Oversight Council.

The vote came Monday as the Senate approved a series of nominees to various federal bodies en masse.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the FSOC must have a voting member with insurance expertise. Mr. Woodall, a former Kentucky insurance commissioner and Treasury official, was approved by the Senate Banking, Housing and Urban Affairs Committee earlier this month summer to fill that role.

Mr. Woodall enjoyed broad support from the insurance industry both before and after his nomination to serve on the FSOC.
Insurer groups respond

“AIA and its member companies congratulate Mr. Woodall on his confirmation and thank the Senate for taking action on his nomination,” said Leigh Ann Pusey, president and CEO of the Washington-based American Insurance Assn., in a statement issued after Monday’s vote. “Roy is uniquely qualified to serve in this position, and the entire industry has been eager for him to begin in his official capacity.”

“We are pleased that the Senate confirmed Mr. Woodall for this very important position,” said Ben McKay, senior vp-federal government relations, in the Des Plaines, Ill.-based Property Casualty Insurers Assn. of America’s Washington office, in a statement. “The FSOC has been deliberating over rules for regulating nonbank financial institutions without the benefit of a voting insurance representative. Mr. Woodall brings extensive experience in the insurance sector and a deep understanding of the state insurance regulatory system.”