AIA Applauds Senate Capital Market Task Force
August 2, 2007
Gov. Marc Racicot, president of the American Insurance Association (AIA), today issued a statement applauding the creation of the Senate Republican Capital Markets Task Force. The Task Force is being established to focus on competitiveness related issues and to help facilitate a dialogue between the Senate and the capital markets community.
Below is Gov. Racicot’s statement:
“On behalf of the American Insurance Association and its member companies, we applaud the establishment of the Senate Republican Capital Markets Task Force which will focus on the important issue of capital markets’ competitiveness. We believe that the creation of the Task Force represents an important action toward a full and complete examination of competitiveness in this arena.
“Given that our members are part of the capital markets community, we look forward to engaging in a thoughtful and sensible dialogue between the Task Force and the business community as envisioned by Senators McConnell and Crapo. We also look forward to working with Senator Sununu, an important member of this group who has taken a lead role along with Senator Johnson in advocating comprehensive reform of the insurance regulatory system through an optional federal charter (OFC) approach which would mirror the dual banking system.
“Recent reports, including the Schumer/Bloomberg and the U.S. Chamber Capital Markets Commission, have made a direct connection between the competitiveness in capital markets and OFC. Both of these studies have endorsed OFC as a recommendation in improving the competitiveness of the insurance sector and we would encourage this issue to be included as part of the Task Force's examination. We applaud Senators McConnell and Crapo for launching this important initiative."