Missouri insurance director slated for federal financial risk council

State insurance commissioners have put forward Missouri Insurance Director John Huff as the industry's representative on a new federal council overseeing risks to the financial system, said a source familiar with the plans.

The Financial Stability Oversight Council is a major part of Democratic efforts to overhaul financial regulations, and is slated to hold its first meeting this month.

The state insurance commissioner will be a non-voting member of the oversight council, which is chaired by the Treasury secretary. The panel has 10 voting members and five non-voting members.