October 6, 2014
AAF Video Explains Consumer Impact Of FSOC’s SIFI Designation
The American Action Forum (@AAF) today released a new video on the impact to consumers if insurance companies are subject to new, bank-centric regulations. The Financial Stability Oversight Council has been considering designating insurance companies as systemically important. Satya Thallam, AAF’s Director of Financial Services Policy, explains that consumers could face a 3 percentage point increase on insurance products due to the new regulations.
“Let’s hope FSOC holds off on imposing these new rules before we fully understand the impact on the economy,” concludes Thallam in the video.
Click here to view the video.
AAF has been active in researching the impact that FSOC’s actions would have on consumers and investors. Recent research delved into the cost to investors if investment funds were designated. AAF has also focused on how FSOC is taking an unprecedented approach by not focusing on activity based regulation. Lastly, AAF also detailed the designation process for nonbank financial companies.