Pelosi: McCain Deregulation Agenda Would Be Disastrous for Middle-Class Americans

Contact:Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C. -- Speaker Nancy Pelosi issued the following statement today on comments by Senator John McCain advocating deregulation of the health insurance market. In the September/October issue of Contingencies, the magazine of the American Academy of Actuaries, McCain wrote: "Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation."

"As we consider the terrible consequences of the 'anything goes' Bush Administration, whose irresponsible non-regulation of financial institutions has led to this financial crisis, Senator John McCain has provided additional confirmation why his philosophy of deregulation would be disastrous for middle-class Americans.

"Writing in the current issue of Contingencies, the magazine of the American Academy of Actuaries, Senator McCain endorses extending the same kind of deregulation for our health care system that has plunged the U.S. financial markets into chaos. For the health security of our families, we simply cannot follow the same irresponsible management policies for another four years as we have for the last eight years under President Bush.

"This is the same John McCain who has called himself 'fundamentally a deregulator' and has supported the massive agenda of deregulation that has led us into this economic crisis.

"Clearly we need to move in a New Direction with responsible regulation that safeguards middle-class Americans and protects taxpayers from future bailouts.

"Barack Obama will provide the leadership and the change that American taxpayers and the middle class deserve."