By Senator Joe Manchin (D-W.Va.) and Ranking Member Tim Scott (R-S.C.)
Today, Ranking Member Tim Scott (R-S.C.) and Senator Joe Manchin (D-W.Va.) introduced legislation to protect our nation’s state-based insurance regulatory system and ensure the Consumer Financial Protection Bureau (CFPB) does not overstep their statutory authority. Their bill, the Business of Insurance Regulatory Reform Act, would clarify the jurisdiction granted to the CFPB by the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and affirm that state insurance regulators are best positioned to oversee insurers and safeguard the interests of consumers.
“With 23 years of experience in the insurance industry, I’ve seen firsthand the value of our state-based insurance system. As the CFPB continues to overstep its authority and operate beyond its jurisdiction, this bill will protect our unique system of state-based insurance regulation that has resulted in highly competitive, fair markets across the country from unchecked bureaucrats in Washington,” said Ranking Member Scott.
“I am proud to reintroduce the Business of Insurance Regulatory Reform Act, which reaffirms the 150-year precedent of regulating insurance at the state level and keeps costs down for insurance holders,” said Senator Manchin. “This commonsense legislation would better codify the Consumer Financial Protection Bureau (CFPB)’s current boundaries and hold it to the same standard as the Federal Insurance Office, preventing CFPB from regulating the business of insurance and reminding the agency that this authority resides with states. I encourage my colleagues on both sides of the aisle to support this bipartisan legislation.”
Read the full release here.