Brandon Williams: “I think by now the secret is out the Dodd- Frank Wall Street Reform and Consumer Protection Act has been a complete…”

“I think by now the secret is out the Dodd- Frank Wall Street Reform and Consumer Protection Act has been a complete failure. For the last 6 years, in an effort to protect consumers, the Dodd- Frank Act has instead stifled job creation for millions of Americans with regulation after regulation. H.R. 5143, which I am a proud cosponsor of, aims to roll back one of the many unintended consequences forced upon U.S. insurers. For 150 years, the State-based model, the American model, has been successful because it focused on one thing--the consumer. The U.S. State-based insurance regulatory system is unmatched by any insurance regulatory system in the world. It is important that U.S. insurers are not put at a competitive disadvantage worldwide and we continue to act in their interest. H.R. 5143 requires Congress to conduct oversight of international conversations focused on insurance standards and establish a series of requirements to be met by our top negotiators at Treasury's Federal Insurance Office. Furthermore, transparency and accountability is often lacking in international regulatory discussions, something that is fundamental to the State-based system. It is important that Congress takes every opportunity to open doors, not close doors, and allows all interested parties to participate in negotiations with our international counterparts. Mr.…”