Remarks by Acting Assistant Secretary for Financial Institutions Laurie Schaffer at The Geneva Association’s Programme on Regulation and Supervision (PROGRES) Seminar 2024

As Prepared for DeliveryIntroductionGood morning. Thank you to the Geneva Association for having me here today. I appreciate that many of you have traveled to Washington to participate in these important conversations about the insurance sector.As the Acting Assistant Secretary for Financial Institutions, I oversee a broad policy portfolio at the U.S. Treasury Department, encompassing banks, credit unions, and the insurance sector, as well as cybersecurity and critical infrastructure, community development, and consumer protection. As we face increasing challenges domestically and internationally from the climate crisis and cyber events, our insurance work has often been among the top priorities across my portfolio in recent months.Today I’m happy to discuss our work.Treasury’s Role Through FIO in Monitoring the Insurance Industry and International EngagementFirst, let me provide some brief background on the Federal Insurance Office at the U.S.