This story appeared in Bank Digest.
Representatives Keith Rothfus (R-Pa) and Joyce Beatty (D-Ohio) have introduced the State Insurance Regulatory Preservation Act (H.R. 5059), which is intended to ensure that insurance savings and loan holding companies that meet applicable state and federal capital standards are regulated by the states. According to Rothfus's press release, the Dodd-Frank Act brought ISLHCs, which contain thrifts, under the supervision of the Federal Reserve, creating "regulatory inefficiency and unnecessary duplication of effort."
The release said this bill would ensure that state regulators are responsible for day-to-day supervision of ISLHCs but would allow the Fed to take a more active role if these companies fail to adhere to the bill's requirements. Under H.R. 5059, thrifts would continue to be regulated by the Office of the Comptroller of the Currency.