Posts Tagged With 'Reform'

House Passes the Toughest Set of Wall Street Reform in Generations

Posted by Brayden Cawthorne Leave Comment »

Tonight, the House passed the conference report of the Dodd-Frank Wall Street Reform and Consumer Protection Act by a vote of 237-192. These common-sense reforms hold Wall Street and the Big Banks accountable by:

Ending bailouts by ensuring taxpayers are never again on the hook for Wall Street’s risky decisions

Protecting families’ retirement funds, college savings, homes and businesses’ financial futures from unnecessary risk by CEOs, lenders, and speculators

Protecting consumers from predatory lending abuses, fine print, and industry gimmicks

Injecting transparency and accountability into a financial system run amok

Empowering consumers to make the best decisions on homes, credit cards, and their own financial future with a consumer financial protection agency

The legislation now goes to the Senate, which is expected to approve it soon and send it to President Obama for his signature into law.

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How Health Care Reform Could Affect America’s Adults and Seniors

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All Americans are concerned about health care reform. People who already have health insurance are worried that theirs might change or be reduced, while those who don’t are worried that whatever they get won’t be enough. Everyone’s heard the horror stories about lives derailed by lack of health insurance, medical bankruptcies and worse, and the stakes are very, very high.

While it’s not clear that the current health care reform bill will ever be made law – it’s currently stalled in the House of Representatives (and may change because of Scott Brown) – many people are wondering what will happen if it does. Two groups which could be greatly impacted are adults and seniors.

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The Feds are taking over health insurance and controlling the reform

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As United States senators primed for a critical vote on the health insurancereform this weekend Hundreds of nonconforming doctors and nurses protested at the Freedom Tower as well as 25 other locations nationwide. They were carrying signs and delivering speeches publicizing objections to the proposed reforms. The doctors and nurses warned that the bill being discussed in the Senate this week would significantly change the relationship between Doctors and their patients. Dr. Yvonne Sherrer a rheumatologist from Fort Lauderdale, Fl protests that the bill would further restrict how doctors can treat patients.

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The Public Health Insurance Option and the Public Misconception of Reform

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The big news, to a health insurance blog anyway, was the health reform bill in the U.S. Senate will include a public health insurance option, reported CNN.

A senior aide to Senate Majority Leader Harry Reid told CNN that the public option would be included in the bill and have a clause allowing individual states to opt-out of the plan if they chose.

The opt-out clause, something we blogged about last week, is a political answer to for the progressive Democratic base that’s becoming increasingly agitated at the bill’s current form.

Risky move, Senator. Holding on to votes like conservative Democrats like Senator Ben Nelson and Senator Blanche Lincoln could make or break health reform. And

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John Mackey And Health Care Reform

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Back in August, when I first read Whole Foods CEO John Mackey’s WSJ article about health care reform, I did think that it was a little odd for him to be voicing so publicly an opinion that was certain to run counter to the opinions of a large percentage of his store’s clientele.  His opinions aren’t radical or unusual – indeed they are shared by a good chunk of the American public.  But not necessarily the chunk that shops in his stores.  People who shop at Whole Foods don’t have to shop there.  They aren’t shopping there because there are no other grocery stores in the area.  Or because they have no car and Whole Foods is the closest store within walking distance.  And given the left-of-center average demographic of Whole Foods shoppers, I found his public opposition to health care reform to be a bit strange.

I agree with several of the points Mackey made.  I agree that HSAs should be available to anyone who wants one.  But just having an HSA in place doesn’t mean that a person will have money to fund it; for a lot of people, HSAs won’t make health care any more accessible than it is(n’t) now.

I strongly agree that employer-provided health insurance and individual health insurance should be treated equally as far as taxes are concerned.

I agree that we need tort reform.

I agree that health care costs need to be much more transparent.

Mackey writes that we should modify the tax code so that people can make voluntary, tax-deductible contributions to help provide care for people who are uninsured.  The rainbows and puppies nature of this idea is nice in theory, but I don’t think we want to rely on voluntary donations to pay for the care of 47 million currently uninsured Americans.

His other suggestions – to allow the purchase of health insurance across state lines and to eliminate government mandates from health insurance coverage – are fraught with complications and not nearly as simple as he makes them sound.  The number one priority in health care reform needs to be the American people.  Yes, there is a lot of special interest involvement in health care, but removing consumer protections that have been won by state insurance commissioners isn’t going to ensure that people have access to quality care.  And removing mandates from coverage would result in lower premiums, but it would also mean less coverage, which isn’t necessarily a good trade-off.

As expected, Mackey’s article triggered a firestorm of anger from his base of liberal customers.  Jaan Sidorov of Disease Management Care Blog wrote an article about a group that staged a pretty creative demonstration in a Whole Foods store in Oakland.  Mackey believes that health care (along with food and shelter) is not a basic right.  The protesters – and I think quite a few of Mackey’s customers – feel differently.  Mackey is obviously doing well financially, and probably doesn’t have to worry about how he’s going to pay for his own health care.  I think it’s a lot easier to say that health care isn’t a right when your own health care is well-secured.  Mackey’s belief that health care is best left to the free market makes sense, given his participation – and success – in market economics over the years.  But with any commodity in the marketplace, there will always be people who can’t afford it.  Especially when the commodity is as expensive as health care has become.  The life or death nature of access to health care makes it too important to place it on the same shelf as cars and jeans and high-end organic potato chips.  It people can’t afford (and thus don’t purchase) those things, they will still be ok.  The same can’t really be said for health care.

I found Jaan’s article in the Cavalcade of Risk, hosted this week by David Williams at Health Business Blog.