Letters to Congress: Four organizations sent a joint letter to Congress urging opposition to HR 5059, the State Insurance Regulation Preservation Act

On September 12, 2018, Americans for Financial Reform, the Center for Economic Justice, the Consumer Federation of America, and US PIRG sent a joint letter urging Congress members to vote in opposition to HR 5059, the “State Insurance Regulation Preservation Act”. HR 5059 creates a new category of “Insurance Savings and Loan Holding Companies” (ISLHCs) and meaningfully restricts Federal Reserve authority to supervise such entities. The joint 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.

Access a PDF version of the full letter here.