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Obama Nominates Former Regulator to FSOC

President Barack Obama nominated Roy Woodall, a retired Treasury Department official and former Kentucky regulator, to fill the insurance expert post on the Financial Stability...
June 29, 2011

President Barack Obama nominated Roy Woodall, a retired Treasury Department official and former Kentucky regulator, to fill the insurance expert post on the Financial Stability Oversight Council. Woodall was president of the National Association of Life Companies before its merger into the American Council of Life Insurers and worked as ACLI's managing director for issues and vice president and chief counsel for state relations. Woodall served in the Treasury Department under presidents George W. Bush and Obama, handling terrorism insurance issues.  He served as Kentucky insurance commissioner from 1966 to 1967. The Woodall nomination to full voting member post requires Senate confirmation.

Former Illinois Insurance Director Michael McRaith, who took office as director of the Federal Insurance Office (FIO) in June, is an ex officio, nonvoting FSOC member. Missouri Insurance Director John Huff serves in a nonvoting state regulator designee post on the FSOC, but Treasury officials have restricted what information he may share, saying he is only a representative of his home state.

Read more on Obama's FSOC nomination: Obama Nominates Former Regulator (Insurance NewsNet 6/27/11)