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Volcker: US Congress Should Create Insurance Company Charter

Source: Dow Jones Wire

Posted on 25 Sep 2009

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Former Federal Reserve Chairman Paul Volcker urged U.S. lawmakers to establish a national charter for the largest insurance companies so they are regulated consistently.

Testifying before the House Financial Services Committee Thursday, Volcker said federal regulation of the largest insurance companies would be a way to avoid a future crisis sparked by the near collapse of American International Group Inc. (AIG) last year.

U.S. Rep. Barney Frank, D-Mass., said the creation of such a charter is on the committee's agenda of 2010 but wouldn't form part of the overhaul of financial regulation lawmakers are currently working on.