WASHINGTON BUREAU — The Senate Banking, Housing and Urban Affairs Committee plans to hold a confirmation hearing for Roy Woodall, the nominee for the independent insurance member seat on the Financial Stability Oversight Council (FSOC), Tuesday.
The committee expects to hold the Woodall hearing along with hearings for Martin Gruenberg, nominee for the post of chairman of the Federal Deposit Insurance Corp., and Thomas Curry, the nominee for the comptroller of the currency post, according to Sam Gilford, the spokesman for Sen. Tim Johnson, D-S.D., the committee chairman.
Woodall was nominated for the post June 28 by President Obama, who was under pressure from members of Congress to name the independent insurance member of FSOC as quickly as possible.
It is unclear whether Congress has enough time to complete the Woodall confirmation process before it leaves for a one-month summer recess in August.
Woodall was Kentucky insurance commissioner from 1966 to 1967. He retired from the U.S. Treasury Department in January after serving since 2002 as the department’s senior insurance policy analyst.
Woodall also has been president of the National Association of Life Companies. After NALC merged into the American Council of Life Insurers (ACLI), Washington, he was the ACLI’s managing director for issues, and vice president and chief counsel for state relations.
Woodall has a bachelor’s degree and a law degree from the University of Kentucky.
The ACLI and the Insured Retirement Institute, Washington, have expressed strong support for Woodall.
“I am looking forward to working with Mr. Woodall,” ACLI President Dirk Kempthorne says in a statement. “He is a very capable insurance professional who will serve well on the FSOC board.”
“I have personally known Roy for more than 25 years and hold him in the highest regard,” IRI President Cathy Weatherford says in her own statement about Woodall. “Roy is a consummate professional and has unmatched expertise regarding the insurance industry.”