The benefits of an Optional Federal Charter have been recognized by leaders throughout business, government, and academia. Here is a sample of their opinions.
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“It seems clear that the way forward is to give insurers the ability to elect for federal regulation. Therefore, in the Blueprint we recommend the establishment of a federal insurance regulatory structure to provide for the creation of an Optional Federal Charter for insurance companies.”
Secretary of The Treasury Henry M. Paulson, Jr. -
“Proposals for an Optional Federal Charter offer a promising way to give consumers more choice. Structured properly, it could do a lot of good.”
Senior Fellow at the Competitive Enterprise Institute Eli Lehre -
“An Optional Federal Charter opens the door for increased price competition while providing necessary federal oversight and consumer protections.”
Public policy expert at the American Consumer Institute Steve Pociask -
“An optional federal chartering system for insurance companies seems to be an idea whose time has come.”
Resident fellow at the American Enterprise Institute and former Peter J. Wallison -
“The Commission supports the efforts currently under way to establish an optional federal insurance charter.”
The U.S. Chamber of Commerce; Commission on the Regulation of the U.S. Capital Markets -
“A priority, in the context of enhancing competitiveness for the entire financial services sector and improving responsiveness and customer service, should be an optional federal charter for insurance, based on market principles for serving customers.”
U.S. Senator Charles Schumer (D-NY) and New York City Mayor Michael Bloomberg; Report on New York and the U.S.’s Global Financial Services Leadership -
“The question has become not whether an optional federal charter should be implemented, but when. Consumers will be the ultimate beneficiaries of this approach, enjoying more choices from companies that compete for their business by introducing new products, innovating in the marketplace, and acting in a way that responds quickly to their needs.”
United States Senator John Sununu (R-NH) -
“Since Gramm-Leach-Bliley, Congress has modernized the regulatory schemes for every part of the financial services industry except insurance. We have a responsibility to promote a balanced regulatory system that will allow the insurance industry to meet the highest standards of performance, innovation and progress; I believe an OFC will achieve this.”
United States Senator Tim Johnson (D-SD) -
“Regulatory obstacles currently discourage insurance innovation and nimble product development to capitalize on emerging growth markets. Eliminating the need to coordinate with 51 state regulators and accelerating the time to market potential will foster greater industry innovation and agility.”
United States Representative Melissa Bean (D-IL) -
“Consumers will benefit most from an optional federal charter. The increased competition among insurance providers will result in the availability of more products – better products – with lower premiums. This is the ultimate win for consumers.”
United States Representative Ed Royce (R-CA) -
“It seems clear that consumers could benefit from an optional federal charter in a number of ways.”
Chairman of the FDIC Sheila Bair; University of Massachusetts study on consumer ramifications of an OFC -
“For the benefit of our country, our customers and our industry we urge on an expedited basis to that congress put in place an appropriate federal regulatory option.”
Chairman of the Board & CEO of AXA Equitable Christopher M. Condron -
“An OFC regime would enhance the surplus lines and risk retention group reforms and support their further extension through the commercial marketplace.”
President and Chief Executive Officer RCM&D, Inc Albert R. Counselman