The Treasury Department’s plan to reform the federal regulatory structure for financial services has focused unusual attention on the insurance sector, which is part of the financial services industry but regulated solely at the state level. Among other things, the Treasury recommended that insurers have the option, like banks, to...

Washington has many agencies with specialized jurisdiction over particular markets or issues. Competition is important and desirable in all of these markets. Economic theory, backed by numerous studies, predicts that increased competition and the ensuing market forces work best for meeting consumer needs. Regulatory agencies differ, however, in the extent...