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A measure that would ease capital and liquidity standards for insurers under the Dodd-Frank Act was approved by the U.S. House of Representatives.

The House unanimously passed the bill Wednesday to give the Federal Reserve flexibility in setting the standards. The Senate unanimously approved the legislation in June and it now heads to President Barack Obama’s desk for his signature.

Insurance companies had lobbied for the change to the 2010 Dodd-Frank financial-regulation overhaul, seeking to roll back the tougher rules. The insurers were supported by Federal Reserve Chair Janet Yellen and Governor Daniel Tarullo.

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“Congress deserves tremendous credit,” MetLife Inc. Chief Executive Officer Steven Kandarian said in a statement. “The Fed now has the opportunity to write rules that will preserve competition and ensure affordable access to financial security.” MetLife is the largest U.S. life insurer.

President Obama is expected to sign it.

Related:

• Banks Balk at Easing Dodd-Frank Capital Requirements for Insurers
• Senate Bill Gives Federal Reserve Flexibility on Systemically Important Insurers
• Insurers Urge Lawmakers Not to Impose Bank Capital Requirements on Industry

Topics Carriers Legislation