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Senate panel OKs Woodall nomination to financial oversight council

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WASHINGTON—The Senate Banking, Housing and Urban Affairs Committee approved the nomination of S. Roy Woodall to the Financial Stability Oversight Council on a voice vote Thursday morning.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the FSOC must have a voting member with insurance expertise. Mr. Woodall, a former Kentucky insurance commissioner and Treasury official, was nominated earlier this summer to fill that role. His nomination drew widespread support from the insurance industry.

Mr. Woodall was one of seven nominees to various government bodies approved on the voice vote. He still must be confirmed by the full Senate.

Industry groups reiterated their support after the vote.

“We urge the full Senate to act without further delay to confirm Roy Woodall,” said Charles Chamness, president of the National Assn. of Mutual Insurance Cos.

“Given the potential impact that the FSOC can have on the insurance industry, it is absolutely vital that someone with a true understanding of the industry have an official say, and vote, in the council’s decision making process. Roy Woodall will bring that understanding of insurance to the FSOC.”

“We applaud the Senate Banking Committee for their strong support of Mr. Roy Woodall’s nomination to serve as the FSOC's insurance expert,” said Ben McKay, senior vp-federal government relations in the Property Casualty Insurers Assn. of America’s Washington office, in a statement. “Mr. Woodall brings extensive experience in the insurance sector and a deep understanding of the state insurance regulatory system.”

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