In a letter to members of Congress, Americans for Financial Reform, Center for Economic Justice, US PIRG, and CFA urge representatives to oppose HR 5059, the “State Insurance Regulation Preservation Act.” The bill creates a new category of “Insurance Savings and Loan Holding Companies” (ISLHCs) that qualify for wide-ranging exemptions from Federal Reserve prudential supervision. The groups fundamentally disagree with this kind of carve-out from consolidated Federal prudential supervision of banking institutions, including those that are subsidiaries of insurance companies.
