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Rep. Royce Praises Decision by USTR, Treasury Department to Sign U.S.-E.U. Covered Agreement

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Washington, July 16, 2017 | comments

WASHINGTON D.C. - U.S. Representative Ed Royce (R-Calif.), Chairman of the House Foreign Affairs Committee and a senior member of the House Financial Services Committee, released the following statement praising the decision by the Office of the United States Trade Representative (USTR) and U.S. Treasury Department agreeing to sign the U.S.-E.U. covered agreement:

“After nearly 18 months of discussions, collaboration and negotiations among relevant stakeholders, I’m pleased to see the U.S.-E.U. covered agreement near the finish line. This agreement with the EU will level the regulatory playing field for U.S.-based insurers and reinsurers resulting in billions of dollars in savings which can be reinvested in the U.S. economy and passed on to consumers.”


Background:

Last September, Representative Royce questioned Federal Insurance Office (FIO) Director Michael McRaith about the importance of a U.S.-E.U. covered agreement to protect American insurance firms and consumers during a Housing and Insurance Subcommittee hearing entitled “The Impact of the U.S.-E.U. Dialogues on U.S. Insurance Markets.”

Chairman Royce also sent a letter to the Treasury Department and USTR urging them to begin the negotiations with the E.U. that led to the agreement.

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