President Donald J. Trump nominated Thomas Workman to be a Member of the Financial Stability Oversight Council.
Mr. Workman previously served as President and CEO of the Life Insurance Council of New York and, before that, practiced law with Bricker & Eckler LLP. Mr. Workman has served on a number of boards, including the Ohio Farmers Insurance Company, the Federation of Regulatory Counsel, the Insurance Federation of New York, and the Leadership Council of the Griffith Foundation for Insurance Education.
Commentary / Steven Lofchie
The most significant controversies created by FSOC resulted from its having named insurance companies, particularly MetLife, as systemically significant (an action that was reversed in court). In this regard, one of the complaints directed at FSOC was that its members lacked sufficient experience in insurance to evaluate industry risks. This resulted, critics say, in a tendency to overstate such risks. Thus, Mr. Workman's views are likely to prove significant with regard to any decision by FSOC to name additional insurance companies as being of systemic importance.
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