Fitzgerald Cosponsors Bill to Protect State Jurisdiction from CFPB

WASHINGTON, DC – Today, Congressman Scott Fitzgerald (WI-05) issued the following statement after cosponsoring H.R. 7000, the Business of Insurance Regulatory Reform Act. This bill would make it explicitly clear that the Consumer Financial Protection Bureau (CFPB) shall not violate the intent of Congress by extending its jurisdiction to cover insurance companies.

“I am proud to cosponsor the Business of Insurance Regulatory Reform Act—legislation that will support Wisconsin’s insurance industry,” said Rep. Fitzgerald. “Congress intentionally excluded the insurance industry from the Consumer Financial Protection Bureau’s (CFPB) mandate when it was created. Unfortunately, in a theme that’s become all too common, the CFPB has gone rogue by attempting to exercise its authority over the business of insurance. This is unacceptable and runs contrary to congressional intent. This bill will ensure a clear line is drawn, a line which prohibits the CFPB from stepping on the toes of state insurance regulators.”

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