Fed confirms to Maloney that pending legislation would allow tailoring of capital standards for insurance companies
WASHINGTON – In a response to a question from Rep. Carolyn B. Maloney (D-NY) during a hearing of the House Financial Services Subcommittee on Oversight and Investigations, Federal Reserve General Counsel Scott Alvarez confirmed for the first time that the Insurance Capital Standards Clarification Act of 2014 (S. 2270) would allow the Federal Reserve to tailor capital standards for insurance companies. The Senate unanimously approved S. 2270 on June 3, 2014. Maloney is a cosponsor of the House companion, HR 4510.
