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State Representative John Lesch
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4224
For more information contact: Nick Halter 651-297-1934
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Protesting Deregulation
St. Paul- State Rep. John Lesch (DFL- St. Paul) sent a letter to Minnesota’s Senators urging them to support an amendment to the U.S. Senate financial regulation bill. The amendment would eliminate a provision that strips away state-level consumer protections for insurance. Senator Jeff Merkley (D-Oregon) is introducing it in the Senate. Lesch gathered signatures from his fellow Legislators before sending the letter to Senators Al Franken and Amy Klobuchar.
“After a series of de-regulations our nation’s banks began to use increasingly risky practices," said Lesch. “Because of that, taxpayers across the country had to bail-out those institutions that had become to big to fail. Through de-regulation we gave the green-light to shady business methods. This provision would allow the same thing to happen in the insurance industry.”
If the provision is allowed to stay in the bill the Treasury Department would receive new powers. It could enter into international insurance agreements without a vote from Congress or any input from the 50 state insurance commissioners. Currently, many state regulations for insurance companies are stronger than those at the federal or international level. But Treasury could override those protections if they don’t match up with the international agreements they created.
“Why would we give Treasury the power to bully states like Minnesota?” said Lesch. “The only benefit would be to multi-national companies who would no longer have to follow safe business practices. We need to raise our voices and ensure that Minnesota’s Senators stand up for us.”
Lesch urges citizens to contact their Senator and ask them to support the Merkley Amendment.
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News Items
- Rep. Lesch, Senator John Marty and Revenue Commissioner Frans to talk tax reform with area residents at St. Paul town hall meeting - (Posted: 2012-12-12 00:00:00)
- Rep. Lesch Named Chair of the House Civil Law Committee - (Posted: 2012-11-16 00:00:00)
- EARTH DAY A CHANCE FOR REFLECTION, ACTION - (Posted: 2012-04-17 00:00:00)
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