Transparent Insurance Standards Act of 2016
Floor Speech
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Mr. WILLIAMS. Mr. Speaker, 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. Speaker, this legislation will strongly encourage increased transparency and information sharing and bring to light the true objectives.
Just as Congress is routinely involved in international trade negotiations, this should be no different. It is important we work cooperatively and only agree to standards and agreements that benefit U.S. consumers and allow us to maintain a strong insurance marketplace.
Again, I want to thank Chairman Luetkemeyer for his leadership and the work our committee has done to stand up for U.S. insurers and consumers. I strongly urge passage of this bill. In God we trust.
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