American Council of Life Insurers (ACLI) President and CEO Frank Keating issued the following statement today in response to congressional approval of the Emergency Economic Stabilization Act:
Washington, D.C. (Oct. 3, 2008) — “The American Council of Life Insurers (ACLI) supports the Emergency Economic Stabilization Act approved by Congress to calm the markets and speed the nation’s economic recovery.
“The act represents the start of what should be a comprehensive review of the nation’s financial services system and the laws and regulations governing it. ACLI looks forward to working with the next Congress and administration to address the challenges of the 21st century financial marketplace and to help ensure Americans can enjoy the financial and retirement security they work hard to achieve.”
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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association whose 353 member companies account for 93 percent of the life insurance industry’s total assets in the United States, 93 percent of life insurance premiums and 94 percent of annuity considerations. In addition to life insurance and annuities, ACLI member companies offer pensions, including 401(k)s, long-term care insurance, disability income insurance and other retirement and financial protection products, as well as reinsurance. ACLI's public Web site can be accessed at www.acli.com.