Schumer & Leahy Take on Insurance Antitrust Exemption

[shraby]

Bringing this over from DailyKos..sure sounds good to me.

The Senate Judiciary Committee has scheduled a hearing entitled, "Prohibiting Price Fixing and Other Anticompetitive Conduct in the Health Insurance Industry" scheduled for Wednesday, October 14, 2009. The hearing concerns identical new bills (S. 1681 and H.R. 3596) that NASW is watching. The legislation would eliminate a long-standing federal law that excludes the insurance industry from federal anti-trust regulation.

Testifying: Senate Majority Leader Hon. Harry Reid, Hon. Christine Varney, Department of Justice Antitrust Chief, J. Robert Hunder, Consumer Federation of America, Prof. Lawrence Powell, PhD, University of Arkansas.

(The showing up of Reid and Varney is a big signal. Methinks AHIP is scrambling!)

MAJOR UPDATE!!!:

I just heard Chuck Schumer on MSNBC say that he believes the removal of the exemption will be included in the final bill, either in the merged legislation or as amendment on the floor. He said repeatedly that it will be in the final bill. FOLKS...THIS IS HUGE!

<http://www.dailykos.com/storyonly/2009/10/14/793112/-MAJOR-UPDATE:-BREAKING:-SchumerLeahy-Take-on-Insurance-Antitrust-Exemption>

[wilt the stilt]

1. why was insurance granted an antitrust exemption?

[shraby]

2. I have no idea but from what I've read, it's had the

exemption for a long time.

[MiniMe]

3. And as Schumer mentioned yesterday

If they put it in the bill, it will have to be taken out by an amendment and will require 60 votes.