Subcommittee Assesses U.S.-EU Covered Agreement

WASHINGTON, D.C. – (RealEstateRama) — Members of the Financial Services Housing and Insurance Subcommittee met on Thursday to discuss and hear expert testimony on the recently announced “covered agreement” reached between the United States and the European Union on insurance and reinsurance.

Financial Services Committee

“I believe this committee should seriously consider improvements to international insurance negotiations more generally to enhance the role of state insurance regulators,” said Subcommittee Chairman Sean Duffy (R-WI).

Key Takeaways from the Hearing:

  • The State-based system for insurance regulation in the United States has served American consumers well for more than 150 years and has fostered an open and competitive marketplace with a diversity of insurance products to the benefit of policyholders and consumers.
  • Protecting policyholders by regulating to ensure an insurer’s ability to pay claims has been the hallmark of the successful United States system and should be the paramount objective of international insurance agreements.
  • Congress must exercise its oversight of international agreements, especially when they are finalized at the eleventh hour of an outgoing Administration.
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Financial Services Committee

The Committee oversees all components of the nation's housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund.

The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws.

Contact:

House Financial Services Committee
Democratic Staff
2129 Rayburn House Office Building,
Washington, DC 20515
Phone: (202) 225-4247
Fax: (202) 225-6952 

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