Washington, DC – U.S. Senator Tim Johnson (D-SD), author of the National Insurance Act, applauded President Obama’s move today to propose a National Insurance Office at the Department of Treasury.
President Obama, his economic team and the Treasury Department announced its proposal for financial regulatory reform. Included in the recommendations was the creation of an Office of National Insurance within Treasury to collect information, develop expertise, negotiate international agreements, and coordinate policy in the insurance sector.
“I agree with the Administration’s assessment that the current crisis has highlighted the lack of expertise within the federal government regarding insurance. For many years, I have said that there needs to be an Office of National Insurance, and I applaud the Treasury’s recognition of the need for a national voice on insurance issues. I look forward to continuing to work with the Administration to update the insurance regulation system to reflect modern times,” said Johnson.
During the 109th and 110th Congresses, Senator Johnson introduced the National Insurance Act—legislation to create an Office of National Insurance and an optional federal insurance regulator to correct a highly fragmented, inconsistent and inefficient system of state-by-state regulation. Johnson has been the Senate’s main Democrat proponent of increased national uniformity through a federal charter.
For more information on Senator Tim Johnson visit his website at http://johnson.senate.gov.
To contact Senator Johnson’s communications office via e-mail, write his Communications Director at Julianne_Fisher@Johnson.Senate.gov or his Deputy Communications Director atJeff_Gohringer@Johnson.Senate.Gov