The Ohio Legislature has given an embarrassing blow to Rep. Michael Oxley, R-Ohio, chairman of the House Financial Services Committee.[@@]
The House Insurance Committee in Oxley’s home state Tuesday passed a resolution asking Congress not to enact legislation that would impose federal standards on insurance regulation.
The panel voted 14-1 to ask the state Legislature to pass the same resolution and send it to the leadership of both parties of Congress.
One of the lawmakers who voted for the resolution was a state representative from Oxley’s own district.
Oxley was not available Tuesday to comment, according to a committee aide. But a veteran industry lobbyist, Joel Wood of the Conference of Insurance Agents and Brokers, Washington, called the Ohio resolution “misguided” and said it was unlikely to have any impact on the committee’s decision whether to act or not act on the State Modernization and Regulatory Transparency Act proposal.
Oxley and Rep. Richard Baker, R-La., chairman of the panel’s key Capital Markets Subcommittee, are on target to release a new draft of the SMART bill sometime this summer, according to industry lobbyists.
It is unclear what the full Ohio Legislature will do with the draft resolution.