Political Quotes

“I thank my fellow subcommittee chairman for working with me to protect the State-based insurance regulatory model that has served our Nation so well for 150 years. To my colleague from New York, I am very comfortable with this bill and with the underlying philosophy that has brought us here. Mr. Speaker, I am a former State representative in the Michigan Legislature, and I know firsthand that Michigan does a better job of protecting policyholders within their borders than the Federal Government does or could. Even more so, Michigan certainly knows how to maintain a robust insurance marketplace that works for Michigan customers. Additionally, Michigan serves as an entry point for several foreign companies which then come into the U.S. marketplace. However, there are bureaucrats in Washington who believe that they know best. The Dodd-Frank Act significantly expanded the Federal Government's role in the insurance marketplace by creating the Federal Insurance Office and charging the Director with representing the U.S. during the negotiations of international agreements. At the same time, the Dodd-Frank Act changed domestic insurance regulation, which also led to the changes in U.S. participation at the International Association of Insurance Supervisors, or IAIS. {time} 1600 The IAIS develops international insurance regulations for its 190 jurisdictions in more than 140 countries to then adopt those. I am concerned that this could influence the U.S.…”