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.