S. 3217: A National Underwriter Guide To The Restoring Financial Stability Act Debate

Implementing S. 3217, the Restoring Financial Stability Act bill, could lead to years of financial services system change.

Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking, Housing and Urban Affairs Committee, unveiled a draft of the “Dodd bill” in December 2009, but some sections of the RSFA bill have been in the works for a decade or more.

One section, for example, might create an Office of National Insurance in the U.S. Treasury Department. Other sections could change annuity marketing rules, affect life insurance companies’ hedging arrangements, and give a federal entity a role in resolving problems at large, troubled insurers.

Meanwhile, the House already has passed a comparable financial services bill, H.R. 4173, the Wall Street Reform and Consumer Protection Act.

Merging H.R. 4173 and S. 3217 could produce highly unpredictable results.

To help you expand your RSFA and WSRCPA background files, here is listing of S. 3217 and H.R. 4173 resources.

S. 3217

S. 3217: Primary Sources

• Links to the official version of S. 3217 and the legislative history
• The original S. 3217 draft
• A summary of the original draft of S. 3217
• A Congressional Budget Office analysis of S. 3217

S. 3217: Standard Of Care

• Dodd Bill Likely To Propose Study Of Fiduciary Standard
• Agents Seek Delay On Moves To Create Single Suitability Standard
• Groups Oppose Fiduciary Mandate
• Dodd Bill Imposes Fiduciary Standard

S. 3217: Insurer Oversight

• Volcker Rule May Exempt Life Insurers
• Dodd Bill: Industry Might Escape Bailout Pre-Funding Fees
• Proposed Dodd Bill Would Hike Federal Regulation of Insurers
• Industry Facing Crush Of Issues

S. 3217: Derivatives

• Industry Working To Get Carve-Outs In Financial Reform Legislation

S. 3217: Federal Insurance Office

• Dodd Unveils Insurance Office Proposal

S. 3217: Reactions

• AALU Meeting: Gingrich Calls For Changes
• Corker, Nelson Weigh In On Dodd Bill
• Insurance Groups Back Financial Services Reform
• NAIFA: What Did The Fiduciary Standard Do To Stop Madoff?
• Dodd Bill: Industry Groups See Worms In That Can

S. 3217: The People

• Two Democrats Dodd And Dorgan To Retire From Senate
• Dodd Sticks With Banking
• Senate Shift Could Affect Federal Charter Effort

S. 3217: The Horse Race

• S. 3217: The Ice Broke
• S. 3217: Dodd Wins Over Collins
• Financial Services Reform Battle Gets Hotter
• Senate Financial Bill Action Heats Up
• Financial Reform By Memorial Day? That Seems To Be The Goal
• Financial Services Bill Heads To Senate Floor
• Dodd Says Soon On Financial Reform Bill
• Dodd, Frank: Reform Bill Due Dec. 31

H.R. 4173

H.R. 4173: Primary Sources

• Links to the official version of H.R. 4173 and legislative history. :
• A Congressional Budget Office analysis of H.R. 4173

H.R. 4173: Overview

• Houses Passes H.R. 4173 Advisor Amendment; Adopts Manager’s Amendment Full Of Interesting Provisions
• Obama Unveils White Paper

H.R. 4173: Standard Of Care

• Fiduciary Standard Causing Jitters
• Agents Win Fiduciary Standard Safe Harbor Battle

H.R. 4173: Insurer Oversight

• Consultants: Prefunding Bailouts Could Promote Bad Behavior
• Insurance Groups Oppose Pre-Funding Bailout Program
• Frank: Kill Ailing Giants

H.R. 4173: Derivatives

• House Financial Services OKs Derivatives Draft
• ACLI To Congress: Be Careful About Swaps
• CFPA Scope May Narrow

H.R. 4173: Federal Insurance Office

• Bill Would Create Fed Insurance Office
• Ways And Means Seeks Insurance Office Bill Role
• NCOIL Defends State Role

H.R. 4173: Consumer Protection

• Panel OKs Investor Protection Act Bill
• House Panel OKs CFPA Bill; Narrows Scope
• NAIFA Seeks Investor Act Changes

H.R. 4173: The Horse Race

• Many Bullets Dodged In Financial Services Reform
• Health Reform, Financial Services Regulation Dominated The D.C. Agenda
• Houses Passes Financial Package 223-202
• Frank Packages Financial Bills For Quick Consideration
• House Panel OKs Insurance Office And Stability Bills