Speaking before a meeting of the Financial Stability Oversight Council yesterday, Treasury Secretary Timothy Geithner announced the appointment of Illinois Department of Insurance Director Michael McRaith to run the newly created Federal Insurance Office (FIO).

McRaith will become the first leader of the FIO, and will be tasked with advising Geithner on insurance issues, lead the preparation of reports and analysis and have limited pre-emption powers over state laws that affect international insurance arrangements. He also will serve as a non-voting member on a new federal panel created to determine which financial firms present a risk to the financial system and be the U.S.'s public face in negotiating international insurance agreements, The Wall Street Journal reports.

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