Washington–Legislation modernizing the federal regulatory system and calling for the end of rate regulation will be introduced this spring in both the House and Senate, congressional committee staff said.
They revealed that time table at the Third Annual Insurance Summit, held today in Washington. However, all those participating in the Summit voiced doubt that action on such legislation could occur this year.
Industry lobbyists, congressional staff and Rep. Paul Kanjorski, D-Pa., ranking minority member of the House Financial Services Committee's Capital Markets Subcommittee, made clear that all that is likely to be accomplished this session is that the issue will be positioned for prompt action when the next Congress convenes.
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