Allstate Chairman Calls for Financial Services Reform

“The American people expect this – and they will accept nothing less.”

Northbrook, Ill. - The following comments were provided by Allstate Chairman Thomas J. Wilson today at the Third Annual Capital Markets Summit held by the U.S. Chamber of Commerce Center for Capital Markets Competitiveness.

"The United States has the most sophisticated capital markets in the world, with the most competitive and innovative financial instruments. Yet our system for regulating them is a Depression-era hodgepodge. We need real regulatory reform, better oversight and greater transparency.

“The financial services sector has the potential to become a real agent for change,” Wilson continued. “As leaders, we have to do more than just talk about restoring confidence. We must re-examine the way risk is shared between government, business and the American people. We need a comprehensive regulatory framework to ensure that middle-income consumers can create more secure economic futures and better manage the financial risks that are a part of everyday life.”

In addition to a comprehensive financial services regulatory framework, Wilson also called for a federal insurance charter to cover the insurance industry. This would allow strong consumer protections and uniform regulation across states that would lower administrative costs and improve access to new and innovative products.