Waters Applauds US-EU Covered Agreement

WASHINGTON, D.C. - Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today in response to an announcement from the U.S. Treasury Department that representatives from the United States and European Union successfully reached an agreement on international insurance and reinsurance rules, resulting in a covered agreement, as established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act):

“Thanks to the Dodd-Frank Act of 2010, insurance consumers in both the U.S. and the EU will be better protected and U.S. insurers and reinsurers now have clear and consistent rules of the road. The U.S. Department of the Treasury’s Federal Insurance Office (FIO) was a key player in today’s successful negotiations, and the action demonstrates the continued importance of the FIO, particularly when it comes to coordinating federal efforts on international insurance matters. I applaud FIO Director Mike McRaith and his team for helping to carry out the regulatory oversight needed to ensure a safe, fair, and strong financial system.”

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