Susan Collins: “We also want to ensure that the Federal Reserve uses its authority to tailor capital rules for insurance operations of…”

“We also want to ensure that the Federal Reserve uses its authority to tailor capital rules for insurance operations of entities under its supervision, regardless of the size of the subsidiary insured depository institution. As we have stated, under this legislation and under current law, the Basel banking regime and the Collins amendment requirements will continue to apply to all insured depository institutions. It would be at odds with sound public policy and the intent of this legislation for the Federal Reserve to impose a Basel banking capital regime on the entire enterprise of an insurer that happens to also own a sizable insured depository institution--the depository institution in that operation will already be subject to banking rules, but the insurance operations should not be.”