March 03, 2017

A Month (or Two) of Madness for the Insurance Industry

As basketball fans (and casual observers alike) across the country prepare to fill out their brackets, the insurance industry is counting down to some key dates that will impact federal policy making. Here are important issues and dates to watch over the next two months that will drive policy in 2017:

5-4-3-2-1…Expiration of Debt Limit and Continuing Resolution

On March 16, 2017, the suspension of the debt limit expires. Congress and President Trump will need either to extend the suspension or raise the debt limit to avoid defaulting. Similarly, the government is currently operating under a Continuing Resolution, which funds the government at the previous fiscal year’s level when Congress fails to complete the Appropriations process. The current Continuing Resolution expires on April 28, 2017. Both issues will indicate how Congress and the Administration will ― or won’t ― work together.

Keep an Eye Out For International Players

Sandwiched between key budget dates is the April 13, 2017, expiration of the 90-day congressional waiting period for review of the Covered Agreement between the United States and the European Union. Congress potentially could pass legislation blocking the Covered Agreement. Following the waiting period, the parties must exchange written notifications certifying that they have completed their respective internal requirements and procedures. The Covered Agreement will enter into force seven days after the parties exchange these notifications or such other date as the parties may agree.

Dodd-Frank Reform: A Cinderella Story?

June 2, 2017, will mark the 120th day after President Trump’s Executive Order on Core Principles, which sets forth six broad principles to guide financial regulation. Notably, it provided the Secretary of the Treasury a window of 120 days to consult with the heads of the member agencies of the Financial Stability Oversight Council and report to the President on the extent to which existing laws and regulations support or inhibit the Core Principles. This process is parallel and complementary to House Financial Services Committee Chairman Jeb Hensarling’s (R-TX) effort to reform the Dodd-Frank Act. Chairman Hensarling is expected to introduce a new version of his Financial CHOICE Act in the coming weeks. On the Senate side, new Senate Banking Committee Chairman, Mike Crapo (R-ID), is contemplating his own approach to regulatory reform.

Come See the Stars Up Close and Personal

Several superstars in the financial services and insurance arena will be speaking at this year’s Networks Financial Institute Insurance Public Policy Summit in Washington D.C. on March 15, 2017, including Congressman Sean P. Duffy (R-WI), Chairman for the House Financial Services Subcommittee on Housing & Insurance. For more information and to register for the NFI Summit, visit the Networks Financial Institute website.

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