SPPI Executive Vice President Gregory A. Schroeder joined Brandon Vogt on 96.3 FM KKOB on September 23, 2026, to discuss who writes the rules for insurance and consumer credit.
He opened with Patrick M. Brenner’s Wall Street Journal op-ed, “How Did a Nonprofit Become America’s Insurance Regulator?” It traces how the National Association of Insurance Commissioners, a private nonprofit in Kansas City, came to write many of the rules for every state’s insurance market, New Mexico’s included, and why it has been exempt from filing a Form 990 since 1955.
He then turned to two of his own pieces. “What Does a Pizza Have to Do With a Loan?” in DC Journal explains why an APR is neither a price nor a profit margin, and what a Kentucky pizza shop’s case against the Federal Reserve says about capping the price of a loan. “Elizabeth Warren Came to Dance On a Grave. The Corpse Was at Home” in RealClearMarkets shows how Sen. Elizabeth Warren’s campaign against Enova International’s bank deal kept a lender out of the supervised banking system without stopping a single loan.
Both pieces draw on SPPI’s research in Fifty-Five Percent (White Paper No. 11) and Application Pending.