It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
Buried in the 1200-page Senate financial reregulation bill we found a sneaky provision that would undermine state-level insurance consumer protections if they conflict with trade agreements! ...the ...proposal would empower the Treasury Department to unilaterally override existing state insurance regulations that it deems to be out of step with international agreements.
...Treasury would be newly empowered to enter into international insurance agreements without Congress voting on the pacts and
...tucked deep in the bill designed to clean up our financial mess is this sneaky provision that establishes a new ceiling on regulation. It would undermine existing insurance consumer protections in all 50 states. How? Treasury would be newly empowered to enter into international insurance agreements without Congress voting on the pacts and without any role for the 50 state insurance commissioners now responsible for regulating these firms. And, it would then allow Treasury to overrule existing state laws that provide greater consumer protections than these undemocratic international agreements.