I’ve been following the Healthcare Reform debate. Finally, President Obama and the Democratic congressional leadership are taking the gloves off in the fight to pass Healthcare Reform on behalf of the American people.

The Obama Administration and the Democratic congressional majority have taken a beating throughout the summer by attacks lead by the powerful insurance company cartel and their paid lobbyists and right wing media apologists. Now, the tide is turning.

As reported on 10/21/2009 by Christopher Stern of Bloomberg.com, the U.S. House of Representatives Judiciary Committee voted to end the health insurance company’s federal anti-trust exemption which has resulted in de-facto monopolies throughout the United States.

Together with a meaningful public option, the end of the insurance companies’ federal anti-trust exemption in the health insurance market will help ensure meaningful competition which will mean lower costs to American business and the American people.

Ending the insurance companies’ federal anti-trust exemption is but one step toward leveling the playing field to help restore the market.

The consolidation of power by a handful of insurance companies has helped stifle competition while driving costs through the roof. Similarly, the unregulated consolidation of power in a small group of mega-corporations — whether it’s the insurance companies like AIG, mega banks like Bank of America or Wall Street investment firms like Goldman Sachs– set the stage for the global economic disaster. In addition to ending the insurance companies’ federal anti-trust exemption, Congress should pass meaningful regulatory reform that will cover hedge funds, derivatives and include capitalization requirements.

A large part of the problem facing this country is a loss of confidence in our institutions. More and more, people feel that it’s a rigged game where the house always wins. To fix this, we need to break up unfair monopolies, enforce common sense regulation and insist on transparency and accountability.

Ending the insurance companies’ federal anti-trust exemption won’t solve the health care crisis by itself, but it’s a good start.

Copyright © 2009 John J. Sheehan