US academic hits out at Obama proposal for systemic risk regulation


The Obama administration’s proposal to give the Federal Reserve regulatory authority over insurers designated as systemically significant – known as Tier 1 financial holding companies (FHCs) – would increase instability in the insurance market, according to a top US professor.

Scott Harrington, Alan B. Miller professor at the Wharton school of the University of Pennsylvania in Philadelphia, outlined the arguments against the proposals launched earlier in the summer (see Life & Pensions July

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