The coronavirus outbreak is, first and foremost, a public health crisis. The most important response has come from our health-care workers. On behalf of the Federal Reserve, I want to express our sincere gratitude to these dedicated individuals who put themselves at risk, day after day, in service to others and to our nation.
But the development of this new regime has also sparked new debate. Debate on whether policyholders should pay for the mistakes insurers make. Debate on which insurers should fall under the regime. And debate on whether a national framework threatens the level playing field.