WASHINGTON—Michael McRaith will make his first congressional appearance as head of the fledgling Federal Insurance Office Tuesday when he testifies before a House subcommittee.
Members of the committee are expected to ask McRaith questions designed to provide reassurance to their insurance constituents that the new FIO will stick to its legislative knitting as a provider of information to federal officials on insurance issues, and not to seek to expand the office to include day-to-day oversight of insurers and agents.
The hearing will be held Tuesday at 2 p.m. by the financial panel’s Subcommittee on Insurance, Housing and Community Opportunity. The subcommittee is chaired by Rep. Judy Biggert, R-Ill.
According to several industry officials, at the request of the Treasury Department there will be no questions asked McRaith regarding his views on legislative initiatives he thinks the administration should pursue.
One of McRaith’s first jobs will be advising the Financial Stability Oversight Council on which insurers should be federally regulated as systemically significant.