Buried in the 1200-page Senate financial reregulation bill we found a sneaky provision that would undermine existing state insurance regulations – including on solvency – if they conflict with trade agreements! Yup, the “Office of National Insurance” (ONI) proposal would newly empower the Treasury Department to unilaterally determine that existing consumer protections violate international agreements and then preempt such states policies.
Thankfully Senator Jeff Merkley (D-Oregon) is leading the effort to defang this crazy proposal. The "Merkley Amendment" would fix this. Senator Merkley deserves our thanks – and help! Please take action today!