Tarullo: Insurers really are different from banks
July 17, 2013 by Elizabeth D. Festa
In U.S. Senate Banking Committee testimony today, Federal Reserve Board Gov. Daniel K. Tarullo offered a few insights into thinking at the Federal Reserve as it develops capital rules for insurers that are under its oversight.
Tarullo reminded the committee, however, that banking regulators are constrained by the strictures of the law — the Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank).
There are a number of products that insurers develop and underwrite that are not susceptible to a single capital treatment as bank capital would be, Tarullo said in response to a question from Senate Banking Chairman Tim Johnson, D-S.D. Click here to read…