Sen. Scott Leads Senate Hearing on Potential Frameworks to Address Future Pandemic Risk
The COVID-19 pandemic required federal, state, and municipal governments to quickly craft and implement policies to mitigate the spread of the virus and respond to the severe economic losses related to these emergency public health measures. As
During the hearing, Ranking Member Scott and Chairman
Ranking Member Scott and members of the subcommittee welcomed the opportunity the hearing provided to gather expert options from a broad range of perspectives on the potential costs, challenges, and benefits associated with various proposed models to address pandemic risk but emphasized that policymakers should be thorough and deliberative in their information-gathering before considering any possible next steps.
RM Scott on the CARES Act and the Paycheck Protection Program...
"The CARES Act specifically created the Paycheck Protection Program (PPP) to provide struggling small businesses and their employees financial assistance that would allow them to weather the storm and maintain their employer-employee relationship...
RM Scott on the challenges of financing pandemic losses...
"If every insurer in the nation has an event where every insurance company has to pay out for every single insured [entity] at the same time, and the event is 100 times more than the insurance premiums coming in from every single insured [entity], it's kind of hard to insure it."
"Typically, when we think about insurance, we have the losses of the few are paid for by the premiums of the many. When we're talking about pandemics, essentially every business was affected nearly simultaneously. That is completely anathema to what insurance has always been throughout its nearly 2,000 year history. "
Click to watch Ranking Member Scott's opening statement: https://outreach.senate.gov/iqextranet/iqClickTrk.aspx?&cid=quorum_scott-iq&crop=0000.0000.0000.0000&report_id=&redirect=https%3a%2f%2fyoutu.be%2frwj5w9YW4M8&redir_log=670406894513185
Click to watch Dr.
Sen. Warren: Bipartisan Group of Lawmakers Urge HHS and CMS to Include Unique Device Identifiers in Medicare Claims Forms
Interior: Drought Relief Efforts to Address Urgency of Western Water Crisis the Focus of Secretary Haaland's Visit to Denver
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News