Connecticut Insurance Commissioner Testifies Today at U.S. House Financial Services Committee Systemic Regulation Hearing

Connecticut Insurance Commissioner Thomas Sullivan will represent the National Association of Insurance Commissioners at a United States House Financial Services Committee hearing on “Systemic Regulation, Prudential Matters, Resolution Authority and Securitization” this morning, October 29, at 9:30 a.m.  In his written testimony, Commissioner Sullivan urges the incorporation of state-based regulation in systemic risk reform.

This week, the House Financial Services Committee and U.S. Treasury Department released draft legislation to address the issue of systemic risk and “too big to fail” financial institutions. The draft bill would:

• Create a mechanism for monitoring and reducing the threats that systemically risky firms pose to the financial system
• Establish a process for winding down large, financially-troubled non-bank financial institutions in a way that protects American taxpayers and minimizes the impact on the financial system
• Overhaul and update the U.S. financial regulatory system

A summary of the draft legislation can be viewed by clicking here.  The full text can be viewed by clicking here.

The complete list of witnesses and corresponding hyperlinks to their testimony is reprinted below.

Panel One:

• The Honorable Timothy F. Geithner, Secretary, U.S. Department of the Treasury

Panel Two:

• The Honorable Sheila Bair, Chairman, Federal Deposit Insurance Corporation
• The Honorable John C. Dugan, Comptroller, Office of the Comptroller of the Currency
• The Honorable Daniel K. Tarullo, Governor, Board of Governors of the Federal Reserve System
• Mr. John E. Bowman, Acting Director, Office of Thrift Supervision
• The Honorable Thomas R. Sullivan, Insurance Commissioner of the State of Connecticut on behalf of the National Association of Insurance Commissioners

Panel Three:

• Mr. Richard Trumka, President, American Federation of Labor and Congress of Industrial Organizations
• The Honorable Richard Baker, President and Chief Executive Officer, Managed Funds Association
• The Honorable Phillip Swagel, Visiting Professor, McDonough School of Business
  Georgetown University
• Mr. Scott Talbott, Senior Vice President for Government Affairs, The Financial Services Roundtable
• Mr. Steven A. Kandarian, Executive Vice President and Chief Investment Officer, Metropolitan Life Insurance Company
• Mr. R. Michael S. Menzies, Sr., President and Chief Executive Officer, Easton Bank and Trust, Co. on behalf of the Independent Community Bankers of  America
• Mr. Peter Wallison, Arthur F. Burns Fellow in Financial Policy Studies, The American Enterprise Institute
• Ms. Jane D’Arista, Americans for Financial Reform
• Mr. Edward L. Yingling, President and Chief Executive Officer, American Bankers Association
• Mr. T. Timothy Ryan, President and Chief Executive Officer, Securities Industry and Financial Markets Association

 To view a live webcast of this hearing, click here. 

Should you have any questions or comments, please contact Colodny Fass.

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