WASHINGTON BUREAU — The Wall Street Journal says the White House is vetting S. Roy Woodall Jr., a former Kentucky insurance commissioner who may be a candidate for the Financial Stability Oversight Council (FSOC) slot reserved for an independent member with insurance expertise.
The Dodd-Frank Wall Street Reform and Consumer Protect Act of 2010 created the FSOC and the independent member post. The nominee for the post is subject to Senate confirmation.
Woodall has been a U.S. Treasury Department consultant on insurance issues during the Bush and Obama administrations. Rumors that he could be the FSOC member with insurance expertise surfaced in January.
“We’ve heard these rumors before, but no one knows when the official nomination is going to happen,” says Blain Rethmeier, a spokesman for the American Insurance Association, Washington. “It’s important that the industry be adequately represented on the FSOC, and this voting member is a critical position.”