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House lawmakers unveil bill to change coin composition

August 9, 2007 House Democrats have sponsored legislation to change the metal content of coins, outraged that it costs a dime to make a nickel. House Financial Services Chairman Barney Frank, D-Mass., and Domestic and International Monetary Policy Subcommittee Chairman Luis Gutierrez, D-Ill., are sponsors of the bill that would give authority to...

Budget office paints grim fiscal portrait of flood insurance program

June 28, 2007 A new Congressional Budget Office report finds that structures covered under the federal government's flood insurance program are twice as expensive as the typical American home and that the program provides significant subsidies for coastal homes that cost more than $1 million. The report, requested by Senate Budget ranking member...

Committee draft of terrorism coverage bill divides industry

June 18, 2007 The House Financial Services Committee is poised to unveil legislation that would reauthorize the federal government's terrorism risk insurance program with a provision that would require carriers to make available coverage of a nuclear, biological, chemical or radiological attack. The draft bill, according to sources, would pit different segments of...

Study bolsters case for single federal regulator of life insurance

May 30, 2007 The American Council of Life Insurers released a report Wednesday saying the industry could save more than $5.7 billion annually if it were under the jurisdiction of a single federal regulator rather than state oversight. The study, conducted by Steven Pottier, associate professor of insurance at the University of Georgia,...

Financial services group backs disaster loan proposal

May 4, 2007 The Financial Services Roundtable has endorsed a proposal to allow the federal government to offer loans to states to respond to insurance crises after a major catastrophe. The group said Congress should allow the Treasury Department to offer a line of credit to state insurance funds to respond to a...

Coalition sets goals for federal terrorism insurance backstop

April 23, 2007 The insurance industry and major policyholders have agreed on an outline for legislation reauthorizing the federal government's terrorism risk insurance backstop, recommending the inclusion of a provision that would provide coverage for nuclear, biological, chemical and radiological attacks. The Coalition to Insure Against Terrorism, representing the American Insurance Association and...

Lawmaker unveils bill to overhaul flood insurance program

March 27, 2007 House Financial Services Chairman Barney Frank, D-Mass., unveiled legislation Monday to revamp the federal government's flood insurance program with a measure that would boost the program's borrowing authority and provide homeowners more time to file a proof-of-loss claim. Lawmakers want to overhaul the 38-year-old program after it suffered massive losses...

Senator says Bush’s involvement key to immigration reform

March 5, 2007 Senate Judiciary Chairman Patrick Leahy, D-Vt., contends any chance of passing comprehensive immigration legislation this year rests with President Bush's personal involvement, especially corralling reluctant GOP members to support the effort. In a CongressDaily interview, Leahy said he told the administration he will not mark up a comprehensive immigration bill...

Group: Insurance profits show federal terrorism backstop unnecessary

January 8, 2007 The Consumer Federation of America issued a study Monday showing that property-and-casualty insurers realized a record profit of almost $60 billion in 2006; the consumer group urged lawmakers to resist industry calls for a federal backstop for terrorism risk insurance and natural disasters. The CFA said that within the last...

Bill would target wartime contracting fraud

January 5, 2007 Dusting off a page from President Truman's playbook, Senate Democrats unveiled legislation Thursday that would create criminal penalties for profiteering in Iraq and other battlefields. Senate Judiciary Chairman Patrick Leahy, D-Vt., said his bill would help safeguard against abuse, noting that the special inspector general for Iraq reconstruction has found...

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