October 14, 2009

Nevada Senator Harry Reid testified today in support of a bill that will protect Nevadans from price fixing by insurance companies. Calling for an end to the insurance industry’s limited exemption from antitrust law, Reid said, “[Insurance companies] should be subject to the same federal oversight as every other industry. I urge all of my colleagues to join me in supporting the Health Insurance Industry Antitrust Enforcement Act,” said Reid.

The law, the McCarran-Ferguson Act, is cited by Reid as a reason why health care coverage can be so expensive for many people. Reid has criticized the law for allowing insurers to form monopolies and dictate health choices, which does long-term damage to the American economy.