Political Quotes

“I believe when I left the floor my amendment was pending, amendment No. 2697. I would like to spend a few minutes to talk about that amendment. I know somebody else has come to the floor here rather quickly and I have about 5 minutes, I have been told by the cloakroom. Congressional creation of the National Association of Registered Agents and Brokers, the bill that has been attached to the flood bill, usurps the rights of States' authority over insurance licensing and regulations. Congress established the McCarran-Ferguson Act that States should retain the regulatory authority over insurance laws. While NARAB II was crafted to retain primacy of insurance regulations and enforcement actions within the States, this bill will nevertheless compel States to accept a national license within their jurisdictions. The nonpartisan Congressional Budget Office stated: . . . the association's authority would exist only through a preemption of states' power to regulate the licensing of insurance producers. This preemption would stem from an exercise of the sovereign power of the federal government. NARAB II provides the President and his or her appointee the authority to nullify the decisions made by the NARAB board but does not extend any of the same rights to the individual States.…”