PRESIDENT APPOINTS INSURANCE EXPERT MEMBER OF FSOC
President Obama has nominated Roy Woodall to fill the position designated for an insurance expert on the Financial Stability Oversight Council (“FSOC”). An attorney, Mr. Woodall served as Kentucky Insurance Commissioner, was President of the National Association of Life Companies for 13 years prior to its merger with the American Council of Life Insurers (“ACLI”), and continued with the ACLI as managing director for issues and vice-president and chief counsel for state relations. He later served as a senior insurance policy analyst in the Treasury Department and as an insurance consultant for the Congressional Research Service. If confirmed by the Senate, Mr. Woodall would be the long-awaited insurance “expert” in the FSOC’s work, including its deliberations concerning the criteria for designating companies as systematically important financial institutions. There is no indication yet as to when the Senate Banking Committee might hold a confirmation hearing for Mr. Woodall. With the Congress embroiled in the issue of the national debt, and the Senate scheduled to be in recess until July 10, and from August 8 to September 5, it may be a while before Mr. Woodall actually joins in the work of the FSOC (assuming he is confirmed by the Senate).
This post written by Rollie Goss.
