Blaine Luetkemeyer: “I thank the chairman for his tireless help and support in getting this bill to where it is today. Mr. Speaker, insurance…”

“I thank the chairman for his tireless help and support in getting this bill to where it is today. Mr. Speaker, insurance serves as the backbone of financial independence for millions of Americans. It offers support when it is needed the most so that consumers can be assured that they are protected in the event of a loss. Our Nation has a history of thoughtful insurance regulation and strong consumer confidence. To ensure that, we need to make sure that foreign regulators don't do anything to jeopardize that. The Transparent Insurance Standards Act would establish a series of reasonable requirements to be met before our Team USA, if you will--the Treasury's Federal Insurance Office, the Federal Reserve, or any other party to international regulatory conversations--consents to the adoption of a final insurance standard. H.R. 5143 would also require Team USA to publish any proposed final standard for congressional review and public comment. Additionally, H.R. 5143 would institute a 90-day layover period, allowing Congress the ability to block any international agreement. It would also ensure State insurance commissioners a broader role in negotiations, thereby protecting our State-based regulatory system that has served policyholders so well. In doing so, the bill would not only help protect the best interests of U.S. insurance customers, but it would also be a step in restoring the powers vested to Congress in Article I of the Constitution. Mr.…”