NU Online News Service, June 24, 2:24 p.m. EDT

WASHINGTON–New federal protections administered by any new federal consumer protection agency would create "a duplicative, inefficient system that would add even more costs for consumers," a property and casualty industry official told the House Financial Services Committee.

David Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI), said in testimony today that such oversight would offer "little or no benefit."

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