Thomas E. Workman was named by President Trump on Dec. 1 to replace Roy Woodall as the independent insurance industry voting member of the Financial Stability Oversight Council.
Workman, a veteran of the life insurance industry, recently served as president and CEO of the Life Insurance Council of New York. Prior to that he was chair of the insurance law practice group at Bricker & Eckler in Columbus, Ohio.
Workman must be confirmed by the Senate before taking the post. He would be the second person to hold the position, replacing Woodall, who held it since his appointment by President Obama in 2011. Created by Dodd-Frank, the FSOC monitors systemic risk in the economy and has the authority to label companies as Systemically Important Financial Institutions, or SIFIs, subjecting them to heightened regulation under the Federal Reserve. In recent years, Woodall’s votes opposing the label for insurance companies were often overruled, but many of those designations were later removed through judicial challenges.
Article Posted: 12.04.17
Last Updated: 12.04.17