On the recordDecember 7, 2016
I yield myself such time as I may consume. Mr. Speaker, today I rise in support of H.R. 5143, the Transparent Insurance Standards Act of 2016. Introduced by my good friend and colleague, the chairman of the Housing and Insurance Subcommittee of our committee, Blaine Luetkemeyer, H.R. 5143 enhances Congress' constitutional oversight of international deliberations relating to insurance standards. Mr. Speaker, again, this is legislation which is about accountability, transparency, and oversight. More specifically, the legislation establishes a series of requirements to be met before the Federal Insurance Office or the Federal Reserve may agree to accept, establish, enter into, or consent to the adoption of a final international insurance standard. Permit me to go into greater detail. First, the Federal Insurance Office and the Fed must publish any proposed final standard and allow for public comment. A public comment is critical to our negotiating posture, Mr. Speaker. In so doing, the involved agencies must provide a joint analysis of the impact the standard will have on consumers and the U.S. insurance markets. Before agreeing to any international standard relating to capital, the Fed is required to first promulgate its domestic capital standard rule. The bill makes similar requirements for negotiations concerning insurance covered agreements. It sets negotiating objectives for U.S.…
