An optional federal charter is only a small first step towards a truly free market for insurance. Free market advocates should approach any new federal regulator with a healthy dose of skepticism. The Competitive Enterprise Institute generally supports an OFC in concept (although not necessarily the particular bills before Congress) not out of love for a new federal regulator, but because an OFC would create competition between regulators. A wealth of academic literature shows that competitive regulation produces better regulation for everyone. For example, since the United States liberalized banking laws in the 1990s, customers have gotten higher interest rates on deposits, paid less for loans, and seen banks add weekend hours.The creation of an Optional Federal Charter is the best option with serious support right now. Congress should also investigate measures to authorize private entities to regulate insurance companies, let insurance companies sell policies across state lines under the laws of their home state, and let the market create entirely new types of risk-transfer products