On July 26, 2011, the U.S. Senate Committee on Banking, Housing and Urban Affairs convened to consider the nomination of Roy Woodall, former Commissioner of the Kentucky Insurance Department, to serve a six-year term as a voting member of the Financial Stability Oversight Council (“FSOC”). If he becomes a member, his position will fulfill the mandate under the Dodd-Frank Wall Street Reform and Consumer Protection Act for an independent member with insurance expertise to serve on FSOC.
In his testimony, Woodall discussed his “half century of experience in insurance,” which began in 1961 with his internship with the Kentucky Insurance Department when he was a law student. He also discussed his more recent role as U.S. Treasury’s Senior Insurance Policy Analyst for eight years, during which time he monitored various insurance issues and the state insurance regulatory system. Woodall closed his testimony with a pledge that if he is confirmed by the U.S. Senate, he will work closely with the other members of FSOC to continue expanding his knowledge of, and fascination with, the complex world of insurance.