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Letters to Congress: AFR and three other organizations sent a joint letter to Congress urging opposition to HR 5059, the State Insurance Regulation Preservation Act.

Submitted by on July 24, 2018 – 3:59 pm

On July 24, 2018, Americans for Financial Reform, the Center for Economic Justice, the Consumer Federation of America, and U.S. PIRG, sent a joint letter to members of the House Committee on Financial Services urging them to vote in opposition to HR 5059, the “State Insurance Regulation Preservation Act”.

HR 5059 would create a new category of “Insurance Savings and Loan Holding Companies” that qualify for wide-ranging exemptions from Federal Reserve prudential supervision. Signers of the letter fundamentally disagree with this kind of carve-out from consolidated Federal prudential supervision of banking institutions, including those that are subsidiaries of insurance companies.

Access a PDF version of the full letter here.

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