Volcker: US Congress Should Create Insurance Company Charter

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.

Source: Source: Dow Jones Wire | Published on September 25, 2009

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.