2017 0328 – GOV (House) – The Arbitrary and Inconsistent Non-Bank SIFI Designation Process

  • 2017 0328 – GOV (House) – The Arbitrary and Inconsistent Non-Bank SIFI Designation Process, Ann Wagner (R-MO)  —  [BonkNote]
    • [PDF-83p, VIDEO-YouTube] 
    • 2017 0228 – GOV (House Report) – Report Prepared by The Republican Staff of the Committee on Financial Services, U.S. House of Representatives – 60p
    • Holtz-Eakin, Douglas, President, American Action Forum
    • Kupiec, Paul H., Resident Scholar, American Enterprise Institute
    • Pollock, Alex J., Distinguished Senior Fellow, R Street Institute
    • Zaring, David, Associate Professor, Legal Studies and Business Ethics, The Wharton School, University of Pennsylvania
    • House – Committee on Financial Services – Subcommitte on Oversight and Investigation
  • (p28) – Dennis Ross (R-FL): And yet, in the assessment of the SIFI designations, there are two experts, one a voting member in the insurance industry or arena, and two a nonvoting member, both of whom were ignored by the designations with regard to whether these insurance companies should be considered a SIFI.
  • (p29) – Dennis ROSS (R-FL).  …has there ever been a run on an insurance company in the history of the United States?
  • Doug HOLTZ-EAKIN (President, American Action Forum)
    • No.
    • One of the mysteries of this designation has been ignoring the history of successful regulation of insurance companies…
  • (p66) – ACLI – American Council of Life Insurers statement – FSOC’s reliance on an inappropriate and unrealistic bank-like “run” scenario on insurance products as the trigger of an insurer’s financial distress or cause of systemic risk illustrates its bank-centric mindset for considering insurance firm designations.