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4 J. Ins. Regul. 7 (1985-1986)

handle is hein.journals/jloins4 and id is 1 raw text is: POINT The Insurance Agent and the Bank Lobby: A Tale of Dual Regulationf William R. Anderson* Counsel, National Association of Life Underwriters THE RULING Many visitors to Washington often wonder why the Treasury Building sits in the middle of Pennsylvania Avenue, or more precisely what would be the middle of that august block, were it to travel the straight path as laid out by Washington's original architect Pierre L'Enfant to provide an unbroken view from the White House to the Capitol. The answer lies in the presidential term of Andrew Jackson, one of the more colorful gentle- men to inhabit the White House. It was during Jackson's presidency that the Treasury Building was being planned. The architects had delayed and delayed, constantly discussing and bickering over the building's location to the despair of the President. One day, while more than usually agitated, the President marched out of the White House, threw his walking stick on the ground and declared, Build the damn thing there! More than a century later, in a manner as arbitrary as that of President Jackson, present Comptroller of the Currency, C. Todd Conover, issued a ruling which will be the subject of this article. Although Mr. Conover is part of the Treasury Department, in an ironic twist of fate, his office, from which the ruling originated, is not in the Treasury Building, but rather in L'Enfant Plaza, the building named for Washington's original planner, whose design was so thoroughly thwarted by Jackson. t William R. Anderson is Counsel of The National Association of Life Underwriters and has a major responsibility in the area of banking and insurance. He currently is a member of the Industry Advisory Committee to the Integrated Financial Services Task Force of the NAIC. * This article first appeared in slightly different form in On the Legal Side, Life Association News 61 and 59 (February and March, 1985, respectively). It appears here by permission of LAN, the official publication of the National Association of Life Underwriters.