Earlier this week, the U.S. House of Representatives passed S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” by a vote of 258-159. The U.S. Senate previously passed the same legislation by a vote of 67-31 with strong bipartisan support. Earlier today, President Trump signed the legislation into law at a bill signing ceremony at the White House.

The bipartisan legislation modifies provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other laws governing the financial industry, including international insurance regulatory issues.  

The bill includes language similar to Big “I”-supported legislation, previously introduced by Sens. Dean Heller (R-Nevada) and Jon Tester (D-Montana), that aims to bring greater transparency to international insurance negotiations, ensure appropriate consideration of stakeholder viewpoints, and increased coordination with state insurance regulators. 

As the impact of international events on the agent and broker community continues to increase, the Big “I” supports greater transparency and coordination in international insurance negotiations to ensure that the state-based regulatory system remains strong.

Wyatt Stewart is Big “I” senior director of federal government affairs.