Transparent Insurance Standards Act of 2016

Floor Speech

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Mr. DUFFY. Mr. Speaker, I thank Chairman Luetkemeyer for all of his work on this bill, H.R. 5143.

As we enter into this debate, I think it is important to look at who supports what. If you look at insurers in States like Wisconsin, they have looked at Mr. Luetkemeyer's bill and they love it. They think it is a great bill because it protects the American State-based model.

If you are a large global insurer, you don't like this bill because you want one global international standard that you have to comply with.

So we are here fighting for the little guy, those little insurance companies that dot all of our States, that serve our communities and our families; and the opposition is standing with the large insurers which have been more concerned about this bill than the little guy, which goes to my point.

I am concerned that the Federal Reserve and Treasury could enter into an international framework that undermines the U.S. system in favor of, again, this European-centric model that is inconsistent with our American model. If you look at this great American model, it has worked for 150 years.

Look back to the 2008 crisis. This system in America, with a ton of pressure, it performed beautifully. It did really well. Why do you want to cash that in for a different model?

I guess my concern is that those State insurers like in my State, they are not even regulated at the Federal level, but they are concerned that on the track that we are going, they very well may be.
This is pretty simple stuff.

What Mr. Luetkemeyer is looking for is openness and transparency. He just doesn't want Washington bureaucrats negotiating a deal. He wants all stakeholders as part of this deal. And lo and behold, it is a remarkable concept; but if we are going to have fundamental changes to our insurance law, why only have unelected bureaucrats make those decisions? Why not empower the Congress, the people who are responsive to the American electorate?

We should have a say in this process. Put us back in control, which is exactly what Chairman Luetkemeyer does.

It is a great bill. I encourage all of my friends on both sides of the aisle to show their resounding support.

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