The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (“CCMC” or “Chamber”) appreciates the opportunity to comment on the proposal issued by the Board of Governors of the Federal Reserve System (“Board”) on its “Framework for the Supervision of Insurance Organizations” (“Proposal”). CCMC’s membership is comprised of domestic and globally active insurance companies headquartered both in and outside of the United States. In addition, we have member companies that rely on insurance products and the larger role insurers play as investors in our global economy. As a 2019 CCMC study found, U.S. insurance companies play a stabilizing role in capital markets and their assets make up a sizable share of asset classes such as corporate bonds and municipal bonds1 . As such, we are broadly supportive of the goal of safeguarding our financial system.