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News Release
6/29/2010
CONTACT CONTACT: Carmen Balber, 202-629-3043; or Judy Dugan, 213-280-0175 (cell)
Letter to HHS Chief Sebelius Cites Lobbying, Legal Tactics of Insurers, and Premium Inflation by Wellpoint, Aetna in Advance of New Regulations Washington, DC -- Consumer Watchdog today asked Health and Human Services Secretary Kathleen Sebelius to turn back health insurance industry lobbying against a chief early benefit of the new health reform...
Blog Post
6/24/2010
Posted by Judy Dugan
It was insurance company lobbying that stuck Americans with a health reform law that lets private insurance companies run the show. The industry keeps proving that it has no intention of doing an honest job of it. The California Department of Insurance announced Thursday that Aetna's rate increases in the individual market, like those of Anthem...
Blog Post
6/24/2010
By Carmen Balber
On deck: the Merkley-Levin amendment/Volcker Rule that would ban proprietary trading by commercial banks. Next up: derivatives regulation, and a vote on the Lincoln provision to split swap desks from banking operations. It's a sign of just how hard the industry is working to sink these two provisions that, on what's supposed to be the final day of...
Blog Post
6/23/2010
By Carmen Balber
The House financial reform conferees just had a quick mini-debate on the Volcker rule - they'll have an extended discussion once the Senate has its say. The Volcker Rule would ban proprietary trading by commercial banks, to stop banks from using taxpayer-insured deposits to gamble in the Wall Street casino. Rep. Bachus argues that the Volcker...
Blog Post
6/22/2010
By Carmen Balber
Senator Dodd is responding to the House offer now. The Senate is accepting 15 House changes, with modifications, and rejecting 8. Senator Dodd says that, under the Consumer Financial Protection Bureau, any company that provides a financial product or service will be subject to the same rules. He'll have to get rid of all the House carve-outs to...
Blog Post
6/22/2010
By Carmen Balber
House conferees just voted to send their offer on the Consumer Financial Protection Bureau to the Senate without substantive changes. Its provisions would: - Enhance the FTC's ability to do consumer protection.  The FTC's authority over false and misleading advertising should complement the CFPB's efforts to protect consumers of financial...
Blog Post
6/22/2010
Liveblog by Carmen Balber
The House/Senate conference committee on financial reform is debating the structure and authority of a consumer financial protection bureau. The issue just decided: Should the new Bureau regulate lending arranged by auto dealers? The House offer would exempt auto dealers. The original Senate bill would not.  The loophole would mean car...
News Release
6/14/2010
CONTACT CONTACT: Carmen Balber, (202) 629-3043
Washington, D.C. --- The financial reform bill will deregulate state insurance oversight by allowing the Treasury Department to use a new national insurance office to overturn a broad range of state protections, including solvency rules, if the legislation is not amended, warned Consumer Watchdog today. The House-Senate Conference Committee meets...
News Release
6/4/2010
CONTACT CONTACT: Doug Heller, 310-392-0522, x309; or Naomi Seligman, x318
Desperate Mercury Insurance Dumps Another Million into $16 Million Campaign and Distributes Last Minute Mailer from Phony “Consumer Coalition” Santa Monica, CA — Facing a surge of voter opposition in the last few days of its campaign for Proposition 17, sponsor Mercury Insurance injected another $1 million dollars into its...
Blog Post
5/25/2010
Posted by Carmen Balber
Two distinct narratives have emerged from last week’s approval by the U.S. Senate of financial reform legislation. One: Of an historic overhaul of the financial industry for reformers demanding accountability for Wall Street and new regulation to rein in the wild speculation and consumer abuses that led up to the 2008 economic meltdown. Two...