A Boston fraud investigator who raised questions about Bernard Madoff’s investment management operations early on says insurance should be federally regulated.
Harry Markopolos made his case earlier this week at a House Financial Services Committee Capital Markets Subcommittee hearing on the Madoff scandal,
Congress should create a “super financial organization with the departments underneath,” with the departments being agencies such as the U.S. Securities and Exchange Commission, “some bank regulator,” and “a national insurance regulator,” Markopolos said.
The departments should “have one super regulator above them, so that there’s no drop in coordination,” Markopolos said.