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2012 Election Report (continued)

The U.S. House of Representatives

All 435 members of the House of Representatives were up for re-election. The Republicans did significantly better in the House than they did in the Senate and will preserve their majority. A split Congress is a recipe for insufficiency. The legislative priorities of the two parties are great, which will be seen through the limited legislation that the House and Senate will agree on.

We were fortunate to see some pro-business allies win re-election in the House. Congressman Spencer Bachus (AL), Chairman of the House Financial Services Committee, won in Alabama and PIA is thrilled to have him back, though doubts remain over if he’ll continue his chairmanship. Congressman Mike Rogers (MI) also won. Congressman Rogers is the sponsor of the legislation that will exempt insurance agent compensation from the new MRL restrictions. He has been a strong advocate for agents and we will work with him to further this legislation. Congressman Steve Stivers (OH) was another key win. The Congressman was awarded PIA’s 2012 Legislator of the Year award and is a strong advocate for state regulation of insurance.

Unfortunately, not every pro-insurance legislator won. A strong ally, Rep. Judy Biggert (IL) lost her re-election bid in Illinois. The congresswoman was the Chairwoman of the Insurance Subcommittee in the House and was an excellent legislator. Her district was re-drawn, which placed her in a difficult battle.

We’ll still expect to see the House take on issues like pulling back the ACA, tax reform, and cutting spending. This will remain just as big of a challenge as it was the last few years. The President and Republican leadership have contrasting beliefs on needed tax reform and will continue to spar over it. There was a lot at stake in this election, and with the results in, the two parties will have to find bipartisan solutions to these complex issues – or risk more gridlock.

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