Senate Banking Committee Chairman Tim Scott (R-S.C.) today announced the formation of three working groups to tackle issues ranging from flood insurance to reforming agencies that regulate financial institutions.
The first working group, led by Sens. John Kennedy (R-La.) and Mike Rounds (R-S.D.), will seek to develop solutions for a long-term reauthorization of the National Flood Insurance Program. The second working group, led by Sen. Bill Hagerty (R-Tenn.), will develop solutions reform the shareholder proposal and proxy advisor process to mitigate the influence of “activist” shareholders.
The third working group, led by Sen. Thom Tillis (R-N.C.), will explore ways to address regulatory transparency, efficacy and “reduce onerous or duplicative regulatory burdens,” according to a committee statement.
