1980s - Congress - Snippets

  • 1980 0207 - Congressional Record - Senators Howard Cannon (D-NV),  Howard Metzenbaum (D-OH),  John Durkin (D-NH), re: FTC, McCarran-Ferguson Act - p2382 - congress.gov/bound-congressional-record/1980/02/07/senate-section
    • (p2367-2368) - Senator Howard Cannon (D-NV) - Mr. President, at the time of the markup in the Senate Commerce Committee on the FTC bill, I held the firm belief, and still do, that the Senate Commerce Committee was the sole committee in the Senate with broad jurisdiction over the economic regulation of the insurance industry. I would certainly concede that the Judiciary Committee has legislative jurisdiction solely with respect to the antitrust immunity granted to the insurance industry.
      • Therefore, under S. 1991, I would envision that only the Commerce Committee would have the authority to direct
        the Federal Trade Commission to undertake studies pertaining to regulation of this industry, and then only within those circumstances provided for in the McCarren-Ferguson Act.
      • We had a long discussion on this matter during the markup, the distinguished Senator from Missouri, myself, and others.
        • What we are attempting to do in section 5 of the bill, and what we intend to do if we can get the votes, is to be sure that the FTC keeps its nose out of the investigation of the insurance industry, as was envisioned when the McCarren-Ferguson Act was passed.
        • That is exactly what we intend
    • (p2374) - Senator Howard Metzenbaum (D-OH):

  • (p2376) -  Senator John Durkin (D-NH), Former Insurance Commissioner, New Hampshire:
    • I think we all would like more cost disclosure, but how do you make everybody in America a life insurance actuary, with two pages of descriptive material?
  • (p2376) - Senator Howard Metzenbaum (D-OH):
    • But, as a matter of fact, the GAO just recently came out with a report in which they said very clearly that the States are not doing an effective job of regulation and stated they have neither the time nor the money nor the expertise.
      • 1979 - GAO - Issues and Needed Improvements in State Regulation of the Insurance Business, Government Accountability Office - 298p
    • That does not mean to suggest either by implication or otherwise that I think the Federal Government regulation, but I think that information provided to a committee of Congress which has jurisdiction is entirely appropriate and I think that is apparently where we are as the Cannon statement seemed to indicate.