The House unanimously passed the bill today 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.
"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.
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