Rep. Garamendi Issues Statement on Repeal of Affordable Care Act
Targeted News Service
WASHINGTON, May 4 -- Rep. John Garamendi, D-Calif., former Insurance Commissioner of California, released the following statement about the passage in the House of Representatives of the repeal of the Affordable Care Act, which ends many of the law's essential consumer protections:
"This bill is atrocious. It is cruel. I simply cannot believe that something this bad could pass the House of Representatives, but it has.
"This bill will strip 24 million people of their health insurance. It is a crushing age tax for Americans of 50-64 years of age, and will force them to pay up to five times as much as what a 30-year-old would pay for the same coverage. It will destabilize funding for Medicare, taking $75 billion out of the trust fund, and blow a $10 billion annual hole in MediCal. It will practically eliminate the guarantee of coverage for pre-existing conditions, which could affect over 300,000 people in my district. But it will provide a massive, $600 billion tax cut to America's richest. It is an outright assault on the poor and the sick, and a huge transfer of wealth to the rich. Even worse, the Republican majority rushed to a vote on it without giving the Congressional Budget Office a chance to tell us just how bad it is.
"I served for eight years as the Insurance Commissioner of California. I know exactly what insurance companies will do under policies that gives them free rein, and that's what this bill does. The amendments that were put on this bill at the last second do nothing to reduce the devastation it will impose on America's most vulnerable. It is a sad day in Congress."
The bill passed by a vote of 217-213, with no Democrats voting for the bill.
Nude dancers at Deja Vu offered $6.5M to settle federal suit
Rep. Gallagher Releases Statement on Passage of the American Health Care Act
Advisor News
- Majority of Americans concerned recent market highs are unsustainable
- GLP-1 users choose between medication and retirement saving
- Gen X and millennials seek new retirement model
- Are families ready for the costs of aging at home?
- When a client moves, their insurance plan needs to move, too
More Advisor NewsAnnuity News
- A client remarried: Does their annuity still fit?
- Gen X and millennials seek new retirement model
- Global Atlantic names Dan Farrelly head of IMO and IBD channels
- A rising retirement challenge: The license to spend
- What lower interest rates mean to annuity payouts
More Annuity NewsHealth/Employee Benefits News
Life Insurance News