As the U.S. Department of the Treasury's Financial Stability Oversight Council labors to craft its formula regarding systemic risk, the American Academy of Actuaries is proposing a series of metrics to assist in the process.
In a letter to the FSOC, Jesse Schwartz, chair of the Financial Regulatory Reform Task Force for the American Academy of Actuaries, said for each phase of the rulemaking process of the Dodd-Frank Act, metrics should be established. Furthermore, Schwartz contended these metrics should be dynamic and reflect the uniqueness of the insurance industry.
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