NU Online News Service, May 11, 12:30 p.m. EDT
WASHINGTON–Sen. Patrick Leahy, D-Vermont, is making another attempt to end the antitrust exemption accorded health insurers through the McCarran-Ferguson Act.
Towards that end, last Wednesday, the senator introduced an amendment to financial services reform legislation now pending on the Senate floor. His measure, which now has 21 co-sponsors would be part of the Restoring Financial Stability Act of 2010 (S. 3217).
Insurance industry lobbyists now believe that efforts will be made to limit debate on the bill to 30 hours either Thursday or Friday, a move that if passed will mean that a final vote on the bill will occur by next Tuesday.
Another amendment on health care regulation has been promised by Sen. Dianne Feinstein, D-Calif., but has not yet surfaced.
Her measure would establish a health insurance rate regulatory authority at the Department of Health and Human Services.
Sen. Leahy has been trying to pass legislation to end the McCarran-Ferguson antitrust exemption either through a floor vote or by attaching it to health care reform bills, since last September. All his efforts have failed.
He said he is renewing his effort because "The recent economic crisis showed all of us that corporations do not act responsibly without adequate oversight."
He argued that it is "important to remember that there is another industry that is not required even to play by the same rules of competition as everyone else."
He also said the health industry benefits "from a six-decade-old special interest exemption."
Sen. Leahy added, "We can surely agree that health insurers should not be allowed to collude to fix prices and allocate markets."
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