Chris Dodd: “I will emphasize to him that the first parts of it deal with basically having the Secretary of the Treasury, as I read…”

“I will emphasize to him that the first parts of it deal with basically having the Secretary of the Treasury, as I read it, becoming an insurance regulator, a Federal insurance regulator. I will hold some hearings, as the chairman of the Securities Subcommittee, with the permission and approval of the chairman of the committee, Senator Sarbanes. But we want to hold hearings at some point on the whole issue of a Federal regulator of insurance. That is a very important debate and discussion. I know the Senator from New York, Mr. Schumer, has a significant interest in that subject, as does my colleague from New Jersey. It is a very divided constituency within the insurance constituency as to whether there ought to be a Federal regulator or not. That is going to require a number of hearings as to whether or not we want to make that step and move forward. I do not have an opinion on that issue one way or the other.”