The Treasury Department's authority to conclude bilateral trade agreements on insurance with foreign countries will be considerably watered down in final financial services reform legislation.
Final language on Title V–the insurance provisions of H.R. 4173–were approved last week by House and Senate negotiators.
Under the agreement, Treasury will share negotiating authority with the Office of the U.S. Trade Representative. It will also be required to consult with four congressional committees before pacts are agreed to, and may have to defend such agreements in court. In addition, an individual state's consumer protections must be preserved in any bilateral trade pact.
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