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.

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.