Political Quotes

“I and other original cosponsors and strong supporters of S. 2270 have, like you, been disappointed by the regulators' failure to recognize that they have the authority to implement the Collins amendment as it applies to insurers in a manner that tailors the capital requirements for insurers to reflect the substantial differences between insurers and depository institutions. We continue to believe that the regulators could solve this problem using their existing authority. This legislation shows that there is strong bipartisan support for addressing this issue. As you know, 31 of your colleagues and I cosponsored the bill, and the legislation passed the Senate with unanimous support in early June. S. 2270 is narrowly crafted to only address this issue as it relates to insurance companies and insurance savings and loan holding companies. If you are a bank, or another entity that owns a bank, you will be subject to the full force of the Collins amendment for your banking activities. At the same time, if you are a financial organization engaged in insurance which is also engaged in bank activities, including derivatives market making, those activities would be subject to the Collins amendment. To accomplish the goal of directing the Federal Reserve to tailor rules for insurance, our legislation permits the Federal Reserve to create a non-Basel III regime for the insurance operations of supervised entities.…”