U.S. Rep. Paul E. Kanjorski (D-Pa.)'s House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, will again tomorrow Tuesday to puzzle out what the federal government needs to do to prevent future AIG blow-ups "from posing a systemic risk and threatening the American financial system."
Kanjorski and his fellow Democrats have been puzzling for months on how far the federal government should go in superseding or second-guessing the state regulators who failed to prevent the multibillion-dollar blow-up of American International Group and past failures like Reliance Group.
"It is now clear that we must restructure the federal government's role with regard to insurance oversight," Kanjorki said in a statement this morning. What's that mean?
1) Data - "At the very least" the federal government must have "a federal office, focused on collecting and analyzing insurance information" so Congress can "make better decisions regarding insurance policy matters."