IIAA Urges House To Make History By Passing H.R. 10 Without Amendment

N/Aany%> (IIAA) have urged the House to make history by approving H.R. 10, the financial services bill during floor consideration and to defeat potentially damaging amendments that could upset the delicate compromise that currently exists.

IIAA executive vice president of Public Affairs Paul A. Equale and senior vice president of Government Affairs Robert A. Rusbuldt published the following joint statement, calling on the House to approve H.R. 10 as it currently stands during floor consideration tomorrow:

"As constituted, H.R. 10 and the manager's amendment contain a balanced and fair compromise that respects the ability of different institutions to enter other financial markets and institutes an effective oversight structure for an integrated financial services industry.

"IIAA supports H.R. 10 because this bill is needed to put into place important consumer protections, establish a common-sense regulatory structure, and to clearly and finally spell out Congress's will for the future financial services marketplace.

"While IIAA is supportive of H.R. 10, its position will change if two amendments it opposes-one by Banking Committee Ranking Democrat John LaFalce (NY) and another by Rep. Richard Baker (R-LA)-are added during floor consideration.

"The LaFalce amendment would retain the federal court's deference to federal bank regulators in disputes with state insurance regulators. IIAA believes litigation between regulators should be decided on its merits as required by H.R. 10. Meanwhile, IIAA believes the Baker amendment will unnecessarily add confusion and gut the functional regulation structure laid out in H.R. 10. IIAA believes that clear and easily understood functional regulation language is needed to avoid further litigation over who will regulate what in the future.

"If either amendment is added IIAA will be forced to oppose the bill on final passage. These amendments and final passage are key votes for agents.

"Financial services mergers will happen with or without H.R. 10, which means reform is needed now more than ever. An integrated financial services industry is upon us, so Congress should rise to the challenge and approve H.R. 10 without adding any unnecessary amendments."

IIAA is the nation's largest association of independent insurance agents, representing a network of more than 300,000 agents and agency employees nationally. Its members are small businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents offer all lines of insurance-property, casualty, life and health.