That is a glaring comment from them. And I appreciate your honesty in it, but the honesty alone sends a true message that there is a really serious problem with the Volcker Rule if it has this type of an impact.
Miller expresses concern about the Volcker Rule's effects on European bond sales.
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I enjoyed your opening statement. You talked about empowering consumers, fair, transparent, and competitive marketplaces, and dealing with bad actors.
For the past century, and through multiple financial crises, the State-based insurance regulatory system in the United States has been successful and has protected policyholders.
Whether you support GSEs or not, if they are out of the marketplace in this market, it could be devastating.
On the recent ruling on Basel III, you acknowledge insurance companies are very different from banks, and you postponed any negative decision on that. I think that was a very, very wise move.
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