Woodall confirmed by Senate for FSOC role

Tim JohnsonRoy Woodall was confirmed by the Senate on Monday night to serve on the Financial Stability Oversight Council that was created under last year’s financial reform law.

During Woodall’s confirmation hearing, Senate Banking Chairman Tim Johnson (D-S.D.) described the FSOC’s purpose as identifying systemic risks posed by large, complex financial institutions.

“I am pleased to consider the nomination of Mr. Woodall to be the voting insurance expert on the FSOC,” Johnsons said during his opening statement. “I am sure Mr. Woodall’s contribution as an FSOC member will be invaluable.”

Woodall is a former insurance consultant to the Congressional Research Service and assisted Congress in developing the Terrorism Risk Insurance Act. He also served in the Treasury Department as a senior insurance policy analyst for eight years where he monitored a wide range of insurance issues and the state insurance regulatory system.

“Insurance is in my blood,” Woodall said during his confirmation hearing as he described his grandfather’s business of selling insurance from a mule-drawn wagon in 1904 and talked about his father starting his own general agency in Paducah, Kentucky.

Several other executive nominees were confirmed by the Senate on Monday night, including Mark Acton and Robert Taub to serve as commissioners on the Postal Regulatory Commission, an independent agency charged with regulatory oversight over the Postal Service.

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