Regulator_NN1 Shopping_VVG The_AT financial_JJ crisis_NN1 had_VHD no_AT single_JJ cause_NN1 ._. 
But_CCB everyone_PN1 knows_VVZ that_CST regulatory_JJ failure_NN1 played_VVD a_AT1 role_NN1 and_CC that_CST one_MC1 of_IO the_AT biggest_JJT mistakes_NN2 was_VBDZ to_TO allow_VVI "_" regulatory_JJ shopping_NN1 "_" --_NN1 in_II which_DDQ banks_NN2 and_CC other_JJ financial_JJ firms_NN2 were_VBDR permitted_VVN to_TO choose_VVI their_APPGE own_DA regulator_NN1 ._. 
What_DDQ resulted_VVD was_VBDZ a_AT1 race_NN1 to_II the_AT bottom_NN1 ._. 
Many_DA2 firms_NN2 switched_VVN at_II will_NN1 among_II various_JJ overseers_NN2 ,_, in_II31 search_II32 of_II33 the_AT loosest_JJT rules_NN2 and_CC laxest_JJT regulators_NN2 ._. 
And_CC yet_RR ,_, legislation_NN1 recently_RR introduced_VVN in_II the_AT House_NN1 would_VM allow_VVI insurance_NN1 companies_NN2 ,_, currently_RR regulated_VVN by_II the_AT states_NN2 ,_, to_TO opt_VVI for_IF federal_JJ regulation_NN1 instead_RR --_JJ and_CC ,_, in_RR21 general_RR22 ,_, if_CS they_PPHS2 do_VD0 n't_XX like_VVI that_DD1 ,_, to_TO switch_VVI back_RP after_II a_AT1 spell_NN1 ._. 
If_CS the_AT bill_NN1 were_VBDR enacted_VVN ,_, the_AT race_NN1 to_II the_AT regulatory_JJ depths_NN2 would_VM continue_VVI ,_, and_CC the_AT nation_NN1 would_VM be_VBI headed_VVN in_II exactly_RR the_AT wrong_JJ regulatory_JJ direction_NN1 ._. 
The_AT rationale_NN1 for_IF the_AT proposal_NN1 --_NN1 known_VVN as_II the_AT optional_JJ federal_JJ charter_NN1 --_NN1 is_VBZ as_RG meritless_JJ as_CSA the_AT proposal_NN1 itself_PPX1 ._. 
Supporters_NN2 of_IO the_AT bill_NN1 ,_, by_II Melissa_NP1 Bean_NN1 ,_, Democrat_NN1 of_IO Illinois_NP1 ,_, and_CC Ed_NP1 Royce_NP1 ,_, Republican_NN1 of_IO California_NP1 ,_, say_VV0 the_AT bailout_NN1 of_IO the_AT American_JJ International_JJ Group_NN1 is_VBZ evidence_NN1 of_IO the_AT need_NN1 for_IF the_AT bill_NN1 ._. 
That_DD1 does_VDZ n't_XX compute_VVI ._. 
The_AT insurance_NN1 businesses_NN2 of_IO A.I.G._NP1 did_VDD not_XX falter_VVI during_II the_AT financial_JJ crisis_NN1 ,_, and_CC remain_VV0 solvent_NN1 and_CC functional_JJ to_II this_DD1 day_NNT1 ._. 
There_EX are_VBR many_DA2 problems_NN2 with_IW state_NN1 regulation_NN1 of_IO insurance_NN1 --_NN1 it_PPH1 is_VBZ inefficient_JJ for_IF insurers_NN2 and_CC inconsistently_RR applied_VVN by_II the_AT states_NN2 --_JJ but_CCB it_PPH1 has_VHZ done_VDN a_AT1 good_JJ job_NN1 ensuring_VVG the_AT safety_NN1 and_CC solvency_NN1 of_IO insurance_NN1 operations_NN2 ,_, something_PN1 that_CST ca_VM n't_XX be_VBI said_VVN about_II federal_JJ bank_NN1 regulation_NN1 ._. 
What_DDQ failed_VVD at_II A.I.G._NP1 was_VBDZ its_APPGE non-insurance_JJ business_NN1 --_NN1 specifically_RR ,_, the_AT financial_JJ products_NN2 unit_NN1 ,_, overseen_VVN by_II the_AT federal_JJ Office_NN1 of_IO Thrift_NP1 Supervision_NN1 ,_, arguably_RR the_AT weakest_JJT of_IO all_DB the_AT federal_JJ bank_NN1 regulators_NN2 ._. 
A.I.G._NP1 was_VBDZ permitted_VVN to_TO choose_VVI the_AT thrift_NN1 office_NN1 as_CSA its_APPGE non-insurance_JJ overseer_NN1 in_II 1999_MC ,_, after_CS it_PPH1 bought_VVD a_AT1 small_JJ savings_NN2 and_CC loan_NN1 ._. 
Thus_RR ,_, A.I.G._NP1 's_GE bailout_NN1 is_VBZ not_XX an_AT1 indictment_NN1 of_IO state_NN1 regulation_NN1 of_IO insurance_NN1 ._. 
It_PPH1 is_VBZ a_AT1 vindication_NN1 of_IO it_PPH1 ,_, because_CS the_AT insurance_NN1 businesses_NN2 weathered_VVD the_AT crisis_NN1 relatively_RR unscathed_JJ ._. 
Nor_CC is_VBZ it_PPH1 an_AT1 argument_NN1 for_IF a_AT1 license_NN1 to_TO choose_VVI one_PN1 's_GE regulator_NN1 ,_, because_CS regulator-shopping_NN1 got_VVD A.I.G._NP1 the_AT overseer_NN1 least_RRT equipped_VVN to_TO rein_VVI in_II its_APPGE risky_JJ dealings_NN2 ._. 
The_AT bill_NN1 's_GE proponents_NN2 have_VH0 also_RR said_VVN that_CST the_AT federal_JJ government_NN1 has_VHZ a_AT1 duty_NN1 to_TO oversee_VVI insurance_NN1 companies_NN2 because_CS some_DD have_VH0 been_VBN offered_VVN bailout_NN1 money_NN1 in_II the_AT past_JJ week_NNT1 ._. 
That_DD1 is_VBZ evidence_NN1 ,_, they_PPHS2 claim_VV0 ,_, that_CST insurers_NN2 can_VM threaten_VVI the_AT financial_JJ system_NN1 ,_, necessitating_VVG federal_JJ oversight_NN1 ._. 
But_CCB the_AT Treasury_NN1 Department_NN1 said_VVD that_CST the_AT decision_NN1 to_TO grant_VVI money_NN1 to_II insurers_NN2 was_VBDZ n't_XX based_VVN on_II concerns_NN2 about_II systemic_JJ risk_NN1 ,_, but_CCB rather_RR was_VBDZ intended_VVN to_TO boost_VVI investor_NN1 confidence_NN1 in_II healthy_JJ firms_NN2 ._. 
At_II play_NN1 here_RL is_VBZ the_AT power_NN1 of_IO the_AT insurance_NN1 industry_NN1 that_CST has_VHZ clamored_VVN for_IF federal_JJ --_NN1 weaker_JJR --_JJ regulation_NN1 for_IF nearly_RR a_AT1 decade_NNT1 ._. 
The_AT industry_NN1 ,_, and_CC its_APPGE Congressional_JJ supporters_NN2 ,_, are_VBR trying_VVG to_TO use_VVI the_AT current_JJ upheaval_NN1 to_TO advance_VVI a_AT1 predetermined_JJ agenda_NN1 ._. 
The_AT effort_NN1 is_VBZ disingenuous_JJ --_NN1 and_CC a_AT1 shame_NN1 ._. 
Insurance_NN1 needs_VVZ to_TO be_VBI better_RRR regulated_VVN ,_, especially_RR with_II31 regard_II32 to_II33 consumer_NN1 protections_NN2 ,_, to_TO prevent_VVI discriminatory_JJ pricing_NN1 and_CC delays_NN2 in_II payments_NN2 ,_, and_CC to_TO ensure_VVI availability_NN1 and_CC affordability_NN1 of_IO insurance_NN1 ._. 
The_AT financial_JJ crisis_NN1 may_VM have_VHI also_RR revealed_VVN areas_NN2 where_RRQ a_AT1 greater_JJR federal_JJ role_NN1 is_VBZ indeed_RR called_VVN for_IF ,_, such_II21 as_II22 in_II bond_NN1 insurance_NN1 ,_, which_DDQ is_VBZ not_XX directly_RR related_VVN to_II consumers_NN2 and_CC yet_RR has_VHZ a_AT1 major_JJ impact_NN1 on_II state_NN1 and_CC local_JJ economies_NN2 ._. 
At_RR21 best_RR22 ,_, insurance_NN1 regulation_NN1 would_VM be_VBI reformed_VVN to_TO allow_VVI for_IF an_AT1 interplay_NN1 of_IO state_NN1 and_CC federal_JJ regulation_NN1 ,_, such_CS21 that_CS22 each_DD1 reinforces_VVZ the_AT other_JJ ._. 
As_CSA it_PPH1 is_VBZ ,_, the_AT bill_NN1 would_VM pit_VVI one_PN1 against_II the_AT other_JJ ._. 
Cooler_JJR heads_NN2 in_II Congress_NN1 and_CC the_AT Obama_NP1 administration_NN1 should_VM stop_VVI the_AT optional_JJ federal_JJ charter_NN1 --_NN1 and_CC all_DB forms_NN2 of_IO regulatory_JJ shopping_NN1 --_NN1 in_II their_APPGE tracks_NN2 ._. 
