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.
