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President Barack Obama told financial regulators Monday to step up the pace on implementing the Dodd-Frank Act, a law that has for three years been a source of great apprehension and mystery for the insurance industry.
"The administration has been more focused on health insurance," said Cynthia Shoss, a partner at Sutherland Asbill & Brennan LLP. "That might have turned out to be the insurance legacy of this administration, rather than the moving provisions of Dodd-Frank."
Federal officials might be moving at a slower pace on this front because—apart from American International Group Inc.—insurers generally fared better than other financial sectors during the Great Recession, Shoss said.
For now, FIO Director Michael McRaith has made clear that the office's most important role is in influencing international policy, Shoss said.