Category Archives: Office of Management & Budget

Health Care, Office of Management & Budget, US Congress

OMB: Obama Would Veto Latest Effort to Dismantle Obamacare, McConnell’s ‘Restoring Americans’ Healthcare Freedom Reconciliation Act’

 

They’re at it again! For like the 60th time, Republicans are pushing to dismantle Obamacare. 

The latest is the sickly named “Restoring Americans’ Healthcare Freedom Reconciliation Act of 2015” sponsored by none other than that Darth Vader of anything that actually helps people, the Senate Leader himself, Sen. Mitch McConnell. 

The only thing standing in the way is President Obama’s veto, which the Office of Management & Budget (OMB) says he would. 

Here’s how the OMB explains the Administration’s position:

The Administration strongly opposes Senate passage of the Senate amendment to H.R. 3762.  By repealing numerous, key elements of current law, this legislation would take away critical benefits and health care coverage from hard-working middle‑class families.  The bill also would remove policies that are expected to help slow the growth in health care costs and that have improved the quality of care patients receive.  The Senate amendment to H.R. 3762 detracts from the work the Congress could be doing to foster job creation and economic growth.

The Affordable Care Act is working and is fully integrated into an improved American health care system.  Discrimination based on pre-existing conditions is a thing of the past.  And under the law, health care prices have grown at the slowest rate in 50 years, benefiting all Americans.

Repealing key elements of the Affordable Care Act would result in millions of individuals remaining uninsured or losing the insurance they have today.  An estimated 17.6 million Americans gained coverage as several of the Affordable Care Act’s coverage provisions have taken effect – 15.3 million since the beginning of the first open enrollment in October 2013.  The Senate amendment to H.R. 3762 would roll back coverage gains and would cost millions of hard-working middle-class families the security of affordable health coverage they deserve.

Repealing the health care law would have implications far beyond these Americans who have or will gain insurance.  More than 150 million Americans with employer-based insurance would be at risk of higher premiums and lower wages, or losing their coverage altogether.  It would raise taxes on certain middle‑class families.  The Senate amendment to H.R. 3762 also would defund the Prevention and Public Health Fund, limit women’s health care choices, and disproportionately impact low-income individuals.

This legislation is being considered by the Senate just days ahead of the December 15 deadline for Marketplace coverage that starts on January 1, 2016. Rather than refighting old political battles by once again voting to repeal basic protections that provide security for the middle class, Members of Congress should be working together to grow the economy, strengthen middle‑class families, and create new jobs.

If the President were presented with H.R. 3762, as amended by the Senate amendment, he would veto the bill.

Financial Protection, Office of Management & Budget, US Congress

OMB: Obama Administration Would Veto ‘Retail Investor Protection Act’

The Office of Management and Budget has issued a Statement of Administration Policy regarding HR 1090, the “Retail Investor Protection Act” sponsored by Rep. Wagner (R-MO) and 34 co-sponsors, because as is typical of such bills that have come from the Republican Majority, their title is the very opposite of their actual intent:

The Administration strongly opposes H.R. 1090 because the bill would derail an important Department of Labor rulemaking critical to protecting Americans’ hard-earned savings and preserving their retirement security.

H.R. 1090 prohibits Labor from issuing a rule to protect investors until the Securities and Exchange Commission (SEC) acts.  It also impinges on the SEC’s ability to move forward with its own rulemaking by requiring the SEC to take the misguided step of providing definitive findings before promulgating a rule.

Further, the bill ignores the fact that significant study has already been conducted by both agencies and that Labor has had extensive engagement with the public, industry, and numerous stakeholders in its rulemaking process.  This includes more than 140 days of public comment period, four days of public hearings, and approximately 100 meetings with stakeholders after the proposal was published in April.  Moreover, Labor and the SEC are already working closely to ensure the smooth operation of the proposed safeguards, and this legislation would hamper effective coordination between the two agencies.

Under existing, outdated rules, savers cannot count on receiving the unbiased advice that they need and expect.  This bill would effectively block action to protect working and middle-class families from the harmful conflicts of interest that lead to biased advice.  The Council of Economic Advisers estimates that these conflicts cost savers $17 billion every year.

The Administration is committed to ensuring that American workers and retirees are able to receive advice about how to invest their money in safe, secure, and transparent financial products that are free from harmful conflicts of interest.  Labor’s ongoing rulemaking is designed to protect the retirement savings of millions of workers and retirees by ensuring that paid advisors and other entities do not place their own financial interests over those of their customers.  This legislation puts a roadblock in the way of preventing such harmful conflicts, which hurts businesses, consumers, and retirees and their families.

If the President were presented with H.R. 1090, his senior advisors would recommend that he veto the bill.

(www.whitehouse.gov/sites/default/files/omb/legislative/sap/114/saphr1090r_20151026.pdf)