Posted on 03/17/2011 6:56:14 PM PDT by Nachum
Treasury Secretary Timothy Geithner has named his department's first director of the new Federal Insurance Office (FIO).
Michael McRaith, currently Illinois's insurance director, will be the first person to head the new office, which was created as part of the Dodd-Frank financial reform law.
Geithner announced the pick at Thursday's meeting of the Financial Stability Oversight Council (FSOC), a special panel also created by Dodd-Frank that gathers the heads of all major financial regulators to discuss broad issues affecting the financial sector.
McRaith's appointment comes after Democrats and Republicans in both the House and Senate had called the administration out for its missing insurance experts. Lawmakers warned the president in February that the FSOC was tackling issues that impact the insurance industry without the appropriate experts.
(Excerpt) Read more at thehill.com ...
The Financial Reform Bill is a huge drain on the economy. Has anybody noticed that the NYSE is in the process of being “Pacmanned” by a German company. The reason appears to be that the FR does not allow certain types of transactions. The NYSE shareholders don’t want to be left out, so it is better to “merge” with the Germans.
Another bureaucrat to run another bureaucracy.
Anyone else get the feeling that as we take one tentative step in our direction, the Leftists in power take ten steps in the other direction?
Another worthless agency to drain more money.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.