Life Insurance Execs to Lead 2 Fed Regional Banks
The executives could talk about what very low interest rates do to retirement savers.
The list of 2024 Federal Reserve System regional bank chairs and vice chairs includes two life insurance company chief executive officers.
Chris Hilger, the chairman and CEO of Securian Financial, will be the chair of the Federal Reserve Bank of Minneapolis. He was the bank’s vice chair in 2022 and 2023.
Roger Crandall, the chairman and CEO of MassMutual, will continue to be the vice chair of the Federal Reserve Bank of Boston. He was also the bank’s vice chair in 2023.
The regional Fed bank chairs influence Fed regulation of commercial banks, and they can talk regularly with the regional bank presidents, who influence Fed interest rate decisions and other strategic decisions by participating in the Federal Open Market Committee.
What it means: Like many older clients who are at or near retirement age, life insurers tend to use highly rated corporate bonds to back the life insurance policies and annuities they have sold to your clients.
Commercial bankers typically understand how low interest rates help borrowers.
Any life insurance company executives who serve on the Fed regional bank boards can talk about the challenges low rates cause for savers.
The Federal Reserve Building. Credit: Shutterstock