Former regulators and legislators have created a new committee aimed at putting pressure on Washington officials to continue to focus on rules and laws aimed at reducing systemic risk in financial markets.
Ironically, the purpose of the new Systemic Risk Council announced today will be to encourage the types of agencies and regulation the insurance industry adamantly argues is not needed to monitor itself.
The new independent, non-partisan council will be headed by Sheila Bair, former chairman of the Federal Deposit Insurance Corporation.
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