On the recordJanuary 10, 2014
This week I introduced legislation that will amend the Affordable Care Act, better known as ObamaCare, to prohibit a bailout for the insurance industry that is currently authorized under section 1341 and section 1342 of the Affordable Care Act. The American people have had enough of bailouts for Big Business. It is time for this culture of corporate cronyism that has become a dominant part of Washington, D.C., to stop. My legislation, No Bailouts for the Insurance Industry Act of 2014, would amend the Affordable Care Act to repeal section 1341, the ``reinsurance'' fund, and section 1342, the ``risk corridor'' provision. Together, both can provide for a massive taxpayer bailout to cover the insurance industry losses. The taxpayers should not be on the hook for the failures of ObamaCare. Any reasonable person can see that this scheme isn't going to work, and the American people should not be forced to bail it out once it fails. Mr. Speaker, I urge the passage of the No Bailouts for the Insurance Industry Act of 2014. ____________________
