White House eyes former Kentucky commissioner for FSOC role
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WASHINGTON—The White House reportedly is considering former Kentucky Insurance Commissioner S. Roy Woodall to fill the long vacant insurance slot on the Financial Stability Oversight Council.
The Obama administration is vetting Mr. Woodall and may nominate him soon, the Wall Street Journal reported Wednesday, citing unnamed to sources familiar with the matter.
Mr. Woodall served in the Treasury Department under presidents George W. Bush and Obama, handling terrorism insurance issues, the paper noted.
Frustration, concerns
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that a voting member with insurance expertise be named to the body, which will determine whether nonbank financial institutions, such as insurers, present systemic risk to the economy and are subject to heightened regulation.
Insurers and lawmakers alike have expressed frustration over the fact that the position remains vacant several months after the financial services regulatory reform law took effect.
The concerns have been heightened by the FSOC starting consideration of actions that could affect insurers without the voting member's input, although two nonvoting members with insurance backgrounds have been named to the panel.
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