WASHINGTON BUREAU — Michael McRaith, Illinois insurance director, could soon be named the first director of the Federal Insurance Office.
McRaith was in Washington on a speaking engagement and unable to comment, an Illinois Insurance Department spokesman said today.
But a number of industry lobbyists say they heard Wednesday that the U.S. Treasury Department has picked McRaith to fill the post.
A number of members of Congress have urged the Obama administration and the Treasury Department in recent days to act promptly to appoint the FIO director. The FIO director is supposed to be a non-voting member on the 13-member Financial Stability Oversight Council (FSOC). Lawmakers also have urged the administration to appoint an independent FSOC member with insurance expertise, as required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that created the FSOC.
Under Dodd-Frank, independent FSOC member with insurance expertise must be confirmed by the