A Senate mortgage bill amendment could create a Financial Markets Commission that would study the relationship between insurance and other financial services.
Members of the Senate voted 92-4 Wednesday to approve Amendment 995 to S. 386, the Fraud Enforcement and Recovery Act, a mortgage bill.
The amendment, introduced by Sen. Johnny Isakson, R-Ga., would create a commission that would come up with a comprehensive financial services report.
Topics covered would include credit ratings, the risk posed by financial institutions that are too big to fail, and "affiliations between insured depository institutions and securities, insurance and other types of nonbanking activities," according to the amendment text.
The commission would have a budget of $5 million and 10 members, with the members appointed by congressional leaders. None of the members could be a member of Congress or a state or federal government official.
