“I am proud to reintroduce the Business of Insurance Regulatory Reform Act, which reaffirms the 150-year precedent of regulating insurance at the state level and keeps costs down for insurance holders. This commonsense legislation would better codify the Consumer Financial Protection Bureau (CFPB)’s current boundaries and hold it to the same standard as the Federal Insurance Office, preventing CFPB from regulating the business of insurance and reminding the agency that this authority resides with states. I encourage my colleagues on both sides of the aisle to support this bipartisan legislation.”

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