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Posts Tagged ‘Bill

Republicans will reopen the broad Wall Street reform law and overhaul the newly created consumer protection bureau if they regain control of Congress after the November elections, a leading lawmaker said Monday.

Richard Shelby, the top Republican on the powerful Senate Banking Committee, said lawmakers must revisit the legislation enacted this summer, which is the broadest overhaul of financial rules since the Great Depression.

“The Read the rest of this entry »

WASHINGTON (Insurance Headlines) – Republicansabandoned their effort to alter Wall Streetregulatory legislation in a key Senatecommittee yesterday, leaving the fight for the full Senate, and clouding prospects for a bipartisan bill.

Republicans had offered more than 300 amendments to legislation proposed by Senate Banking Committee Chairman Christopher Dodd,but they withdrew them over the weekend. That cleared the way for aquick party-line Read the rest of this entry »

President Obama’s State of the Union speech has so far failed to unite Democrats on a health reform strategy as they “stared down a political nightmare,” The Associated Press reports. “The grim reality opened a divide between the rank and file and congressional leaders, who insisted health care would get done, even though last week’s special election in Massachusetts denied Democrats the 60-vote majority they need to deliver in the Senate. Many Read the rest of this entry »

Indiana would join a growing number of states that have banned texting while driving if legislation approved by a state House committee on Wednesday becomes law.

The House Public Policy Committee voted unanimously for the bill by Democratic Rep. Joseph Pearson of Hartford City after several people told the panel that it would save lives. It would make transmitting text messages or e-mails while driving a Class C infraction with a possible Read the rest of this entry »

The House passed the wide-ranging Wall Street Reform and Consumer Protection Act of 2009, drawing an immediate and generally favorable reaction from one insurance trade group and a lukewarm response from another.

After the measure that would create a Federal Insurance Office was approved today on vote of 223 to 202, Charles M. Chamness, the National Association of Mutual Insurance Companies president and CEO, said the bill respected the Read the rest of this entry »

The House passed the wide-ranging Wall Street Reform and Consumer Protection Act of 2009, drawing an immediate and generally favorable reaction from one insurance trade group and a lukewarm response from another.

After the measure that would create a Federal Insurance Office was approved today on vote of 223 to 202, Charles M. Chamness, the National Association of Mutual Insurance Companies president and CEO, said the bill respected the Read the rest of this entry »

WASHINGTON?Procedural roadblocks thrown up by Republicans to stop action on health care legislation in the Senate are putting the National Flood Insurance Program in jeopardy.

The program?s authorization runs out tomorrow, and the fact that the House has recessed until January has placed immense pressure on the Senate to act.

To deal with the issue, the House yesterday passed two bills, one extending the program until Dec. 23 through Read the rest of this entry »

Credit rating agencies, accused of assigning top ratings to shoddy securities, would be exposed to greater liability under a wide-ranging financial services reform bill released by a leading U.S. senator.

The draft bill unveiled last Tuesday would give investors an easier way to sue firms like Moody’s Corp., Standard & Poor’s and Fitch Ratings, if they knowingly and recklessly failed to investigate or obtain analysis from an independent Read the rest of this entry »

WASHINGTON?The inclusion of surplus lines reform in a massive financial services regulatory reform bill released last week was welcomed by insurers and risk managers, although some fear other measures in the bill could have unintended consequences for the insurance industry.

The draft of the Restoring American Financial Stability Act, unveiled last week by Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd, Read the rest of this entry »

WASHINGTON?Inclusion of a provision to streamline the regulation of surplus lines insurers in a comprehensive financial regulatory reform bill is drawing plaudits from industry observers.

Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd, D-Conn., included the Nonadmitted and Reinsurance Reform Act as part of the 1,136-page discussion draft of the Restoring American Financial Stability Act of 2009, which he Read the rest of this entry »