WASHINGTON BUREAU — The Senate has used a unanimous consent process to confirm the nomination of Roy Woodall to serve a 6-year term as the independent member of the Financial Stability Oversight Council with insurance expertise.
Senate leaders included the Woodall nomination in an agreement allowing the confirmation of a number of nominees to seats on boards, courts and independent commissions.
The Senate Banking, Housing and Urban Affairs Committee voted to endorse Woodall’s nomination Sept. 8.
Woodall, a former Kentucky insurance commissioner, has also been chief counsel for state relations at the American Council of Life Insurers (ACLI), Washington.
He will be one of three insurance representatives on the FSOC, and the only one with voting power.
The two non-voting insurance representatives on the FSOC are Missouri Insurance Director John Huff, who represents the National Association of Insurance Commissioners, Kansas City, Mo., and Michael McRaith, director of the new Federal Insurance Office.
The ACLI and other insurance groups have been pressing for months for the Obama administration and Congress to fill the FSOC seat for the independent member with insurance expertise.
The FSOC, a body created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is supposed to help federal financial services regulators monitor trends, events and companies that could threaten the stability of the U.S. financial system.
ACLI President Dirk Kempthorne has welcomed Senate approval of the Woodall nomination.
“Woodall’s deep knowledge of the industry and its unique state-based system of regulation will be a valuable asset to other members of FSOC as they make decisions that will affect policyholders and companies alike,” Kempthorne says in a statement. “We look forward to working with Mr. Woodall and all members of FSOC as they work to fulfill their responsibilities under the Dodd-Frank Act.”