On the Hill

In a moment of bipartisanship, the U.S. House Financial Services Committee passed the legislation by a unanimous vote of 59-0.

On Tuesday, the U.S. House Financial Services Committee passed legislation that would require small businesses to file new reports on their beneficial ownership with the Treasury Department’s Financial Crimes Enforcement Network.

On Wednesday, the U.S. House of Representatives held two hearings with potential implications for the health insurance marketplace.

On Tuesday, the U.S. Senate Banking Committee held a hearing to examine consumer data collection practices and their impact on a variety of products and services.

The draft legislation is aimed at reducing health care costs and includes five sections that would address surprise medical billing, reduce the prices of prescription drugs, increase transparency, boost public health and improve the exchange of health IT.

Earlier this week, the U.S. House of Representatives passed a disaster aid package that included an extension of the NFIP through Sept. 30, the end of the fiscal year.

At press time, the U.S. House of Representatives is expected to try to pass a two-week extension of the NFIP, which is currently scheduled to expire at midnight tomorrow, May 31.

Last week, members of the U.S. Senate Committee on Health, Education, Labor, and Pensions released draft legislation aimed at reducing health care costs.

The new Trump Administration proposal would increase the minimum salary level threshold for overtime-exempt employees from $23,660 per year, or $455 per week, to $35,308 per year, or $679 per week.

As a leading supporter of a modernized state-based system of insurance regulation, the Big “I” supports eliminating or significantly restricting the authority of the FIO.