WASHINGTON BUREAU — Members of the Senate Banking, Housing and Urban Affairs Committee today approved the nomination of Roy Woodall to be the independent member of the Financial Stability Oversight Council with insurance expertise.
The Woodall nomination was part of a package of nominations for federal financial regulatory posts that came up today for committee consideration. Committee members agreed by a voice vote to send the Woodall nomination to the full Senate for final action.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 created the FSOC to help federal financial services regulators keep tabs on companies, trends and events that could affect the stability of the U.S. financial system.
The National Association of Insurance Commissioners, Kansas City, Mo., has a non-voting member on the council – John Huff.
Michael McRaith, the director of the new Federal Insurance Office, is also a non-voting FSOC member.
But, if approved, Woodall will be the only voting FSOC member with a focus on insurance.
Woodall is a former Kentucky insurance commissioner, and he also has been chief counsel for state relations at the American Council of Life Insurers, Washington.
The ACLI welcomes committee approval of the Woodall nomination, according to Steve Brostoff, an ACLI representative.
“We hope the full Senate will confirm his nomination soon,” Brostoff says. “It is important for the FSOC to have a voting member with insurance expertise, as called for in the Dodd-Frank Act. Roy Woodall’s many years of experience in insurance represents a valuable and necessary addition to FSOC.”