Rep. Edward Royce, R-Calif., says he plans to introduce a House version of optional federal charter legislation this fall–but the move comes amid several indications that the Democratic leadership in the House Financial Services Committee is balking at supporting any bill that would allow for deregulation of personal lines.

First, at a fundraiser on Sept. 12–the same day Rep. Royce confirmed his plans to introduce his bill–Rep. Barney Frank, D-Mass., ranking minority member of the panel, told industry lobbyists he would not support rate deregulation for personal lines.

At the same time, it was learned Rep. Frank Kanjorski, D-Pa.–second in line to Rep. Frank, and the likely chairman of the key Capital Markets Subcommittee if the Democrats take control of the House–had declined to join Rep. Royce as a primary co-sponsor of the bill.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.