{"id":83,"date":"2010-04-29T07:40:49","date_gmt":"2010-04-29T14:40:49","guid":{"rendered":"https:\/\/www.citizenstrade.org\/ctc\/oregon\/?p=83"},"modified":"2012-01-10T12:45:58","modified_gmt":"2012-01-10T20:45:58","slug":"merkley-amendment","status":"publish","type":"post","link":"https:\/\/www.citizenstrade.org\/ctc\/oregon\/2010\/04\/29\/merkley-amendment\/","title":{"rendered":"“Merkley Amendment” on International Preemption of Insurance Regulations"},"content":{"rendered":"

For Immediate Release<\/strong>
\nApril 29, 2010<\/p>\n

Statement on the \u201cMerkely Amendment\u201d to Protect Financial Regulations from International Preemption<\/strong>
\nby Arthur Stamoulis, Director, Oregon Fair Trade Campaign<\/em><\/p>\n

\u201cAmericans want better oversight of the financial industry, but a provision hidden in the Senate\u2019s 1200-page financial reform bill actually promotes new deregulation.<\/p>\n

\u201cThe Senate\u2019s financial reform bill grants a newly-created Office of National Insurance with the power to enter into international financial service agreements without Congressional approval, and to determine which state insurance regulations are preempted by these agreements.<\/p>\n

\u201cNever before has Congress granted a federal agency the right to unilaterally set U.S. trade policy.<\/p>\n

This deregulatory measure is truly astounding, and could have a profound effect on both state sovereignty and the financial stability of the nation. The last thing we need is the meltdown that hit the big banks spreading into state-regulated insurance operations.<\/p>\n

\u201cThankfully, freshman Senator Jeff Merkley has crafted an amendment to remove this egregious provision from the financial reform bill. The Merkley amendment has the potential to head off a disaster in the making.<\/p>\n

\u201cMany elected officials have turned a blind eye to the deregulatory financial measures in World Trade Organization pacts and other international trade agreements. Oregon is lucky to have a Senator more interested in the economic health of the state and the nation than in the commercial interests of foreign insurance providers. Hopefully, the Merkley measure will pass and the reform debate can continue.\u201d<\/p>\n

###<\/p>\n

Background Documents:<\/strong>
\nLetter from Public Citizen, U.S. PIRG and Consumer Watchdog<\/a>
\nLetter from the National Association of Insurance Commissioners<\/a>
\nResolution by the National Conference of State Legislators<\/a>
\nLetter from the National Conference of Insurance Legislators<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

For Immediate Release April 29, 2010 Statement on the \u201cMerkely Amendment\u201d to Protect Financial Regulations from International Preemption by Arthur Stamoulis, Director, Oregon Fair Trade Campaign \u201cAmericans want better oversight of the financial industry, but a provision hidden in the … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[],"yoast_head":"\n"Merkley Amendment" on International Preemption of Insurance Regulations - Oregon Fair Trade Campaign<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.citizenstrade.org\/ctc\/oregon\/2010\/04\/29\/merkley-amendment\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\""Merkley Amendment" on International Preemption of Insurance Regulations - 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