On June 27, 2011, the Obama Administration nominated Roy Woodall as a voting member of the Financial Stability Oversight Council ("FSOC"). If confirmed by the U.S. Senate, he would become the first voting member of FSOC with a background in insurance, meeting the Dodd-Frank requirement that a voting member with insurance experience be named to the panel.
Woodall served as Kentucky insurance commissioner from 1966 to 1967. He retired in January 2011 from the U.S. Treasury Department after serving since 2002 as the senior insurance policy analyst. Prior to his position with the U.S. Treasury Department, he worked as a consultant for the Congressional Research Service, the public policy research arm of the U.S. Congress. Woodall also served as president of the National Association of Life Companies ("NALC"). After the NALC’s merger into the American Council of Life Insurers ("ACLI"), he was ACLI’s managing director and vice president/chief counsel for state relations.
Woodall's nomination was greeted by favorable comments from the heads of industry groups such as the Property Casualty Insurers Association of America and the American Insurance Association. To view those comments, click here and here.