Max Baucus: “This amendment effectively eliminates State insurance protections. The States with the least regulation would become the…”

“This amendment effectively eliminates State insurance protections. The States with the least regulation would become the home of private health insurers who sit back and watch a race to the bottom. States would be inclined to--and encouraged to-- pass regulations that are very weak, and that would mean the insurer could qualify in that State and then market anyplace else in the country. It is totally opposed to the current system, where each State has its own insurance regulations. One can argue whether that is a good system, but that is what it is. We should not, at this point, adopt this amendment, which has the effect of appealing the current structure and allowing a race to the bottom in health insurance coverage.”