WASHINGTON BUREAU — A U.S. Treasury Department official has told Sen. David Vitter that President Obama intends to nominate the independent Financial Stability Oversight Council (FSOC) member with insurance expertise “soon.”
“I share your determination in making sure the FSOC and Treasury have the benefit of robust insurance experience,” Jeffrey Goldstein, the U.S. Treasury undersecretary for domestic finance, writes in a letter to Vitter, R-La.
Vitter, R-La., is one of the senators who asked the Obama administration in February to move quickly to nominate the independent FSOC member with insurance expertise.
Goldstein notes that the Treasury Department has hired Illinois Insurance Director Michael McRaith to be the first director of the Treasury Department’s new Federal Insurance Office (FIO). As the FIO director, McRaith will be a non-voting member of the FSOC.
The Treasury Department also has created a new insurance advisory panel, the Federal Advisory Committee on Insurance, and reserved half of the seats on the panel for state insurance regulators, Goldstein says.