Leahy's Proposed Amendment To Wall Street Reform Bill To Repeal Antitrust Exemption For Health Insurers up for vote TODAY
Senator Leahy has introduced an amendment to the Wall Street Reform Bill S.3217 that would repeal the anti-trust exemption that the private health insurance industry has. It's up for a vote today or tomorrow.
Please call Senator Hagan and ask her to support the Leahy Antitrust Exemption Amendment!
Amendment number -Leahy #3823 (health insurance antitrust enforcement)
(202) 224-6342 Sen. Hagan's office
(202) 224-3121 switchboard
Franken's amendment #3991 passed 64-35 on credit ratings issue
Chris Bowers (Open Left) writes:
Making the bill stronger: Sen. Franken (D-Minn.) creates a Credit Rating Assignment Board which would assign the credit rating agency that does each initial rating in order to reduce the inherent conflict of interest in the current business model - where the person who hopes to sell the rated product pays the rater. This amendment stops securities issuers from shopping around among credit rating agencies for the best rating, leading raters to inflate their grades as they scrap for market share.
Why it matters: Credit Rating Agencies got paid to slap AAA ratings on packages of dangerous investments they did not even try to understand or evaluate. Their triple A ratings created huge markets for these investments, and spread them through every corner of the market. When the House of Cards built on their false promises collapsed, millions of Americans lost their savings.
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