A new bill aims to increase Financial Stability Oversight Council transparency.
Irked by snub, lawmaker aims to pull the curtains at agency that decides on risk, regulation of nonbank firms.
The decision is historic in that insurance, according to the Congressional Research Service, has been state regulated for 150 years.
Designation of insurer would be a change after 150 years of strictly state regulation.
The Financial Stability Oversight Council has started the clock on a six-month process for designating a non-bank as systemically significant.