Political Quotes

“Mr. Speaker, H.R. 497 repeals the Federal charter of the Group Hospitalization and Medical Services, Inc., the Blue Cross/Blue Shield Plan of the National Capital Area. GHMSI, as it is known, is the only insurance company to have a Federal charter. It was granted in 1939. Under the charter, provision is made for its repeal by Congress. The GHMSI Federal charter has become an anachronism and an impediment to competition. This bill seeks to level the playing field. When granted in 1939, the District of Columbia Code did not have provisions to regulate such an entity. It has had such regulatory provisions now for a number of years. As recently as 1992 and 1993, Congress amended the charter to specify that GHMSI be domiciled in the District and governed by local laws and regulations. At the present time, GHMSI is subject to the District's Nonprofit Corporation Act and is under the jurisdiction of the Superintendent of Insurance. By waiving the congressional review period for D.C. Act 11-505, as provided for in this bill, the new entity, upon acceptance of its articles of incorporation, will continue to be governed by local laws without a gap or a delay in enforcement. The bill authorizes GHMSI to file articles of incorporation under the District's Nonprofit Corporation Act.”