The Financial Services Roundtable says it has drafted financial services regulation reform legislation.
A draft of the proposal was not immediately available for review, but the FSR, Washington, says the package includes a section calling for better coordination of state and federal regulation; a flexible, “principles-based approach” to regulation; and a “prudential” approach to supervision of regulated entities.
Creating an optional federal charter for insurers is important, because that would help improve coordination of insurance regulation, according to FSR Chairman Tom Renyi, who also is executive chairman of the Bank of New York Mellon Corp., New York, and FSR President Steve Bartlett.
Renyi discussed the proposal here at the U.S. Chamber of Commerce Capital Markets Summit.
“Americans must still navigate an insurance system that was created for the business and financial practices of the 19th, not the 21st century,” Bartlett says in a statement about the FSR reform proposal. “The current patchwork of state-by-state regulation costs American consumers millions of dollars every year.”
Better financial services regulation “is not just an industry issue,” Renyi says in his own statement. “It’s a national economic issue… What’s at stake is nothing less than our future prosperity.”