Trump loyalists are pushing the Senate to pass bipartisan legislation that will strip power from faceless bureaucrats in Europe and Washington and return power to the states as well as give oversight to Congress.
The International Insurance Standards Act, which was passed in the House on July 10, was introduced by Reps. Sean Duffy (R-WI) and Denny Heck (D-WA) in 2017 and is now expected to be voted on in the Senate.
The bill "prohibits parties representing the federal government in an international insurance agreement from agreeing to any standard unless it recognizes the existing U.S. system of regulation as satisfying that standard."
The bill also forces parties that are developing international insurance standards to coordinate with state insurance regulators and forces the parties representing the United States to consult with and notify Congress "regarding the intention to participate in the negotiations, the nature and objectives of the negotiations, and the details of the agreement."
Parties must also notify Congress regarding the implementation and potential impact that any such agreement may have.
The International Insurance Act also amends the Federal Insurance Office Act of 2010 to "modify requirements for an international agreement entered into by the Department of the Treasury's Federal Insurance Office. Such an agreement must only apply on a prospective basis. In developing an agreement, the parties must coordinate with state insurance regulators. Congress has the power to review and disapprove by joint resolution any agreement."
The state-based regulatory framework in the U.S. is considered by many to be among the strongest and most robust insurance regulatory systems in the world as it focuses on policyholder protection with consumer protection, solvency protection, market-conduct protection, and resolution protection.
"States' rights have always been at the center of America's insurance model," a source close to the president told The Daily Wire. "We need to protect our state markets against international developments that could be harmful to our system. This bill does that, while putting America in a strong negotiating position with the rest of the world. It's a great compliment to the President's ongoing efforts to secure good deals on the world stage."
A former administration official echoed similar sentiments about the legislation, noting that this bill focuses on putting America first.
"This bill allows for local control and is classic 'America First' because it will roll back the power that faceless bureaucrats have over our insurance standards," the former official said.