The Ostriches in the Sand - Regulation Hearings & Frameworks

The Obama administration is pre-announcing the regulatory reforms announcements (see their outline below), so much so one might miss what is coming out of Congressional hearings on the topic.

From the Systemic Risk and Insurance hearing, subcommittee chair Kanjorski said:

I believe that only ostriches can now deny the need for establishing a federal insurance resource center and a basic federal insurance regulatory structure.

Geither's response? Let's ignore the entire insurance industry. What's in a name? (AIG)