Wednesday, March 21, 2018
Thomas Workman Confirmed to the Financial Stability Oversight Council
American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement today on Thomas Workman’s Senate confirmation as the independent voting member with insurance expertise on the Financial Stability Oversight Council (FSOC):
Washington, D.C. (March 21, 2018) — “Thomas Workman’s experience and expertise from his 17 years with the Life Insurance Council of New York, Inc. will prove vital to FSOC, especially as it reviews recommendations in the Treasury Department’s report on FSOC designations. ACLI commends the Senate for confirming him.
“ACLI strongly supports FSOC having a member with insurance expertise. In fact, ACLI supported the Financial Stability Oversight Council Insurance Member Continuity Act/S. 1463, legislation enacted into law last year that continued the term of the incumbent, Mr. Roy Woodall, until a successor was confirmed.
“Mr. Workman’s experience can provide a useful perspective as FSOC considers issues affecting life insurers, especially the critical role they have as part of the private-sector safety net. The life insurance industry helps Americans prepare for their financial futures, while reducing pressure on government programs.
“No life insurer should be designated as systemically important. The Treasury report correctly notes that designating insurers as systemic does not help resolve potential risks to our nation’s financial stability.
“I commend Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) for acting swiftly on this nomination.”
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 290 member companies operating in the United States and abroad. ACLI advocates in state, federal, and international forums for public policy that supports the industry marketplace and the policyholders that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing 95 percent of industry assets, 93 percent of life insurance premiums, and 98 percent of annuity considerations in the United States. Learn more at www.acli.com.
American Council of Life Insurers 101 Constitution Ave, NW, Suite 700, Washington, DC 20001-2133
Date Posted: March 21, 2018
Document ID: NR18-012
Contact: David Nielsen, 202-624-2419