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Insurance industry groups back Woodall to serve on FSOC

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WASHINGTON—Insurance trade groups have urged swift confirmation of S. Roy Woodall to serve as a voting member of the Financial Stability Oversight Council.

The Senate Banking, Housing and Urban Affairs Committee held a hearing Tuesday on Mr. Woodall’s nomination.

President Obama nominated Mr. Woodall, a former Kentucky insurance commissioner and Treasury Department official, to serve on the FSOC in June.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, which established the FSOC, requires that one of the panel’s voting members have expertise in insurance. Two nonvoting members with insurance backgrounds—the director of the Federal Insurance Office and a member representing state insurance regulators—also sit on the FSOC.

Senator backs nomination

During Tuesday’s hearing, Senate Banking Committee Chairman Tim Johnson, D-S.D., said Mr. Woodall’s contribution as an FSOC member would be “invaluable.”

Insurance industry trade groups, which already announced their support of Mr. Woodall, agreed. The American Insurance Assn., the National Assn. of Mutual Insurance Cos. and the Property Casualty Insurers Assn. of America all issued statements Tuesday urging approval of the nomination.