Insurance Commissioner Poizner Issues Statement on Bush Administration Proposal to Overhaul Financial Regulation

SACRAMENTO ― Today Insurance Commissioner Steve Poizner issued the following statement regarding yesterday’s announcement by the Bush administration to overhaul the nation’s regulatory policies for commercial and investment banks and the financial market. Treasury Secretary Henry Paulson’s package of proposals included the creation of an optional federal charter for insurers.

“I cannot support another bureaucratic behemoth out of Washington regulating California’s insurance marketplace,” stated Insurance Commissioner Steve Poizner.  “States know their own markets and the needs of their consumers best, so the states’ insurance regulators are best equipped to rapidly respond to changing market conditions. An optional federal charter would unnecessarily centralize diverse, market-based regulations.”

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