The U.S. Federal Reserve has hired a former state insurance commissioner to help it oversee non-bank financial firms that a council of regulators identified for tougher scrutiny last year. Thomas Sullivan, who led the Connecticut Insurance Department from 2007 through 2010 and later worked at PricewaterhouseCoopers, told Reuters he starts as a senior adviser on June 9. Sullivan will help fill a critical expertise gap at the Fed, which has more experience regulating Wall Street banks and less of a track record with major insurers and other non-bank financial firms. "I'm excited and anxious to start next Monday," Sullivan said. Barbara Hagenbaugh, a Fed spokeswoman, confirmed the hire but did not provide further detail. The Fed received authority to regulate insurers Prudential Financial Inc and American International Group Inc in 2013 after a group of regulators known as the Financial Stability Oversight Council decided those firms were so big their failure would destabilize
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