FIO/FSOC Update as of October 2, 2013

Below is the FIO/FSOC news for the week:

The Federal Advisory Committee on Insurance (FACI) discussed extension of the Terrorism Risk Insurance Act (TRIA) at an open hearing at the Department of the Treasury on September 18, 2013. Minutes from the meeting have not yet been posted on the Treasury website. During the meeting, Christopher Flatt of Marsh’s Workers’ Compensation Center of Excellence and Aaron Bueler of Guy Carpenter testified on the importance of renewing TRIA. Both the Senate Banking Committee and the House Financial Services Committee also recently held hearings on the extension of TRIA.

• You can read the Marsh & McLennan press release here.
• You can read Senate Banking Committee Chairman Tim Johnson’s (D-SD) statement here.
• You can read Senate Banking Committee Ranking Member Mike Crapo’s (R-ID) statement here.
• You can read House Financial Services Committee Chairman Jeb Hensarling’s (R-TX) opening statement here.
  

The House Financial Services Committee announced the committee hearing schedule for October. Topics include the Consumer Financial Protection Bureau and the National Flood Insurance Program.

• You can find the committee press release here.
  

On September 26, 2013, Congressman Sean Duffy (R-WI) introduced legislation in the House of Representatives amending the Consumer Financial Protection Act by changing the voting procedure and the review authority of the Financial Stability Oversight Council. Although the text of the legislation is not yet available, H.R. 3193 has been referred to the House Committee on Financial Services.