NU Online News Service, May 11, 10:45 a.m. EDT, Washington--Ohio's House Insurance Committee yesterday passed a resolution asking the U.S Congress not to enact legislation imposing federal standards on insurance regulation.
The panel's action yesterday comes as an embarrassment to their home state congressman, Rep. Mike Oxley, R-Ohio, who chairs the House Financial Services Committee, which is crafting the legislation known as the State Modernization and Regulatory Transparency Act (SMART).
The panel voted 14-1 to ask the state Legislature to pass the same resolution and send it to the leadership of both parties of the U.S. Congress.
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