Additional Health Insurance Reform Sought in Financial Services Bill

In recent weeks, the U.S. Senate has continued its work on the Restoring American Financial Stability Act (RAFSA), the broad-sweeping bill aimed at reforming and restructuring the regulation and oversight of the financial services sector. The House of Representatives passed its version of regulatory reform in December of last year when it passed the Wall Street Reform and Consumer Protection Act of 2009.

As work continues in the Senate on this bill, and as numerous amendments are introduced, Senate Judiciary Chair Patrick Leahy (D-VT) sought last week to breathe new life into his measure aimed at stripping insurance companies of their limited antitrust exemption when he filed it as an amendment the financial reform bill. The provision was removed from the Senate health reform bill because it didn’t have the votes to pass, and there’s no evidence that the votes exist today to pass in the financial reform bill.

NAIFA’s efforts were victorious in blocking a provision to create a federal health insurance rate authority suggested by Senator Feinstein (D-CA). Senator Feinstein said she wouldn’t offer her health insurance rate authority bill as an amendment to the financial reform bill, suggesting that it didn’t have the votes to pass.

NAIFA continues to work on these, and other issues related to Congressional efforts at financial services regulatory reform, and will keep NAIFA members informed of developments.

NAIFA Staff Contact: Diane Boyle, Vice President – Federal Government Relations, at (703) 770-8252.