I agree with New York's Banking Commissioner Ben Lawsky, who regulates some of the Nation's largest insurers, that applying bank capital standards to insurance is like trying to, as he said, 'fit a square peg in a round hole.'
Toomey supports Lawsky's view on the inapplicability of bank standards to insurance.
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It is absolutely essential to investigate any fraud and violations of existing law, and prosecute those who are committing those crimes.
I think that there are a number of ways that you can go about creating a regulatory regime to take account of that risk.
We owe it to each customer to get to the bottom of the FTX implosion, and any violations of the law should be aggressively prosecuted.
Congress can and should offer a sensible approach for the domestic regulation of these activities.
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