Well before President Barack Obama presented his financial regulation reform package to Congress earlier this week, he gutted a number of ideas, some under pressure from Congress, others under lobbying pressure. Among the latter were actually some good ideas, like a national insurance regulator.
People here in Texas know that the Texas Department of Insurance, when it comes to homeowners’ insurance, is a paper tiger. Not surprisingly, as the story notes on page 3, property and casualty insurance company lobbyists argued against the idea.
Team Obama claims it was dropped because insurance issues were peripheral to the financial meltdown. Really? Wasn’t AIG an insurance company?
Team Obama also claims it didn’t cave in to lobbyists. Really? You just did.
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