WASHINGTON–Financial reform legislation is necessary but must be achieved without unintended results for business, an Iowa congressman told a conference here.
Rep. Bruce Braley, D-Iowa, made his remarks Wednesday in addressing the Independent Insurance Agents & Brokers of America's Legislative Conference & Convention.
He said he supports efforts to end "irresponsible and predatory business practices, improve consumer protection, and hold Wall Street accountable for risky actions that hurt middle-class families."
But Braley warned that sweeping federal legislation can sometimes have unintended consequences for individuals. This is why he said he sought clarification over the definition of "insurer" to prevent the proposed new Federal Insurance Office's data collection from adversely affecting insurance agents and brokers.
He added that he supports language stating that the FIO or the Treasury Department would not have regulatory or supervisory authority over the business of insurance.
