Emanuel Cleaver: “I thank the ranking member for allowing me to speak on this legislation. Mr. Speaker, I find much greater satisfaction…”

“I thank the ranking member for allowing me to speak on this legislation. Mr. Speaker, I find much greater satisfaction in working on legislation with the subcommittee chairman, Blaine Luetkemeyer, than opposing such; but, Mr. Speaker, I do, in fact, believe that H.R. 5143 would prescribe narrowly tailored reporting and negotiating requirements that must be completed before any international regulatory insurance standard could be agreed on. In the wake of the financial crisis with the passage of Dodd-Frank, the Federal Insurance Office, FIO, was tasked with representing the United States at international insurance forums. Currently, the FIO has been negotiating alongside the Federal Reserve and the National Association of Insurance Commissioners, NAIC, on behalf of our country's insurance interests. The Housing and Insurance Subcommittee has held numerous hearings on this topic, giving us ample opportunity to more fully understand the process that is being undertaken at the International Association of Insurance Supervisors as well as with other international bodies. It is critical that Team USA continue to advocate strongly on behalf of the U.S. insurance system, and it is imperative that we do not hamstring their ability to do so. More specifically, the bill contains a number of provisions that would ultimately delay our negotiations abroad.…”