Wednesday
Oct142009
Senators Press For Repeal Of Key Anti-Trust Exemption Provision
Wednesday, October 14, 2009 at 12:48PM
Travis Martinez - University of New Mexico/Talk Radio News Service
The Senate Judiciary Committee held hearings on repealing the anti-trust exemption provision set by the McCarran-Ferguson Anti-Trust Act in 1945. The committee heard testimony on Wednesday from Senate Majority Leader Harry Reid (D-Nev.) and the Assistant Attorney General for Antitrust Christine Varney.
Senator Reid argued that the provision be passed in the Senate's health care reform bill, and urged Congress to act swiftly on the matter.
“I urge all my colleagues on this committee and all throughout the senate to get this bill out of committee as quickly as possible. The bill that came out of the Finance Committee...chips away at the monopoly they [health insurance companies] have,” said Reid.
“They are so anti-competitive. Why? Because they make more money than any other business in America today,” he added.
Senator Chuck Schumer (D-N.Y.), a member of the Finance Committee, had harsh words for past anti-trust legislation. He vowed to bring an amendment to the floor that will repeal the anti-trust exemption when the Senate bill reaches the floor.
“The health insurance’s antitrust exemption is one of the worst accidents of American history... It deserves a lot of the blame for the huge rise in premiums that has made health insurance so unaffordable. It is time to end this special status and bring true competition to the health insurance industry," Schumer said.
Judiciary Committee Chairman Patrick Leahy (D-Vt.) sounded optimistic that the bill will have support from both sides of the aisle.
“This is a bipartisan, no this is a non-partisan thing, everyone should be subjected to the laws. If you obey the law and follow the law... you’ve got nothing to fear,” said Leahy.
The Senate Judiciary Committee held hearings on repealing the anti-trust exemption provision set by the McCarran-Ferguson Anti-Trust Act in 1945. The committee heard testimony on Wednesday from Senate Majority Leader Harry Reid (D-Nev.) and the Assistant Attorney General for Antitrust Christine Varney.
Senator Reid argued that the provision be passed in the Senate's health care reform bill, and urged Congress to act swiftly on the matter.
“I urge all my colleagues on this committee and all throughout the senate to get this bill out of committee as quickly as possible. The bill that came out of the Finance Committee...chips away at the monopoly they [health insurance companies] have,” said Reid.
“They are so anti-competitive. Why? Because they make more money than any other business in America today,” he added.
Senator Chuck Schumer (D-N.Y.), a member of the Finance Committee, had harsh words for past anti-trust legislation. He vowed to bring an amendment to the floor that will repeal the anti-trust exemption when the Senate bill reaches the floor.
“The health insurance’s antitrust exemption is one of the worst accidents of American history... It deserves a lot of the blame for the huge rise in premiums that has made health insurance so unaffordable. It is time to end this special status and bring true competition to the health insurance industry," Schumer said.
Judiciary Committee Chairman Patrick Leahy (D-Vt.) sounded optimistic that the bill will have support from both sides of the aisle.
“This is a bipartisan, no this is a non-partisan thing, everyone should be subjected to the laws. If you obey the law and follow the law... you’ve got nothing to fear,” said Leahy.
Reader Comments (2)
pls vote to revoke that anti trust act that has allowed the insurance moguls to operate without barriers or competition. competition is needed in every segment of business and there should be no monopolies. unfortunately, with the insurance companies owning that market, competition was impossible. we need a strong public option now within this reform because all of my representatives that we have helped to represent us, need to make up for 65 years of lost time.... strong public option, now, please.
The fact remains that big insurance by refusing care to patients and reimbursement to doctors over typos has ticked everyone off - both patients and doctors. They have a virtual monopoly over the whole process a hugely well financed lobby team and representatives on both sides of the isle.
A friend of mine recently laid off without children - just he and his spouse is paying $2,500.00 dollars a month for his COBRA - that is outrageous. Health insurance costs more than his mortgage – unbelievable.
In 2007, before the current economic downturn, an American family filed
for bankruptcy in the aftermath of illness every 90 seconds; three-quarters of them were insured. Over 60% of all bankruptcies in the United States in 2007 were driven by medical incidents.
The insurance companies have been pillaging the overall market and are tone deaf to the suffering they have caused.
Repealing their anti-trust status is decades overdue!
Paul Burke
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