Senators Propose Bill to Give Fed Flexibility on Insurance
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A bipartisan group of U.S. senators is introducing legislation that would give the Federal Reserve more flexibility in regulating systemically important insurance companies such as American International Group Inc.
The Senate bill, whose sponsors include Ohio Democrat Sherrod Brown and Nebraska Republican Mike Johanns, is meant to establish “capital standards that are properly tailored to the unique characteristics” of the insurance industry, according to a draft of the bill obtained by Bloomberg News.