Garamendi Introduces Bill to Bolster Oversight of Nations Financial System.

• Date: 10 May 2021

* Congressman John Garamendi (D-CA) has introduced the "Primary Regulators of Insurance Act" with Congressman Barry Loudermilk (R-GA). Congressman Garamendi served as California's first-ever elected State Insurance Commissioner from 1991 to 1995, and again from 2003 to 2007. Congressman Loudermilk is a senior member of the House Committee on Financial Services.

The "Primary Regulators of Insurance Act" would add a dedicated voting seat for state insurance commissioners on the federal Financial Stability Oversight Council (FSOC), established under the 2010 Dodd-Frank law in response to the global financial crisis and the Great Recession. This bipartisan bill would ensure that the expertise of the nation's primary insurance regulators, state commissioners, has equal weight in the FSOC's decision-making...