News Column

Congresswoman McCarthy Speaks in Support of the Insurance Capital and Accounting Standards Act of 2014

May 20, 2014



WASHINGTON, May 20 -- Rep. Carolyn McCarthy, D-N.Y. (4th CD), issued the following news release:

Earlier today, Rep. Carolyn McCarthy entered a statement in support of the Insurance Capital and Accounting Standards Act of 2014 (H.R. 4510) during a Housing and Insurance Subcommittee hearing. Rep. McCarthy joined Rep. Gary Miller to sponsor this legislation which will help keep insurance products affordable and available by ensuring the correct capital standards are applied to insurance companies that fall under the supervision of the Federal Reserve.

"This legislation will give the Federal Reserve more flexibility and help clarify the difference between the business of insurance and the business of banking," said the Congresswoman. "I am pleased to support this common sense legislation that will play an important role in preventing future financial crises."

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Source: Targeted News Service


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