On July 24, 2018, Americans for Financial Reform, the Center for Economic Justice, the Consumer Federation of America, and U.S. PIRG, sent a joint letter to members of the House Committee on Financial Services urging them to vote in opposition to HR 5059, the “State Insurance Regulation Preservation Act”.
HR 5059 would create a new category of “Insurance Savings and Loan Holding Companies” that qualify for wide-ranging exemptions from Federal Reserve prudential supervision. Signers of the letter fundamentally disagree with this kind of carve-out from consolidated Federal prudential supervision of banking institutions, including those that are subsidiaries of insurance companies.