Senate Proceeding on Oct 28th, 2009 :: 9:23:00 to 9:25:45
Total video length: 10 hours 36 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Views:4 Duration: 0:02:45 Discussion

Previous speech:

Next speech:

9:22:41 to 9:23:01( Edit History Discussion )

Tom Udall: because that public option, i doubt it's going to sit down with the private insurance industry and fix prices or carve up territories. it will have a public purpose and a public function, and it will be serving the people rather than the shareholders of the insurance company. mr. udall: senator whitehouse,

9:23:00 to 9:25:45( Edit History Discussion )
Speech By: Tom Udall

9:23:02 to 9:23:22( Edit History Discussion )

Tom Udall: let me just you and senator durbin because i think that the thing that he pointed out and that is of this argument and right here on this chart is that when we talk about a public option -- and you've hit it over and over again. senator durbin has mentioned it -- is competiveness. that's what we want to see is

9:23:23 to 9:23:45( Edit History Discussion )

Tom Udall: competitiveness. we're not talking about a government takeover. we're not talking singlepayer. we're not talking about all these things that our friends on the other side of the aisle say about this reform. we're talking about making the system more competive. people may many

9:23:46 to 9:24:10( Edit History Discussion )

Tom Udall: talk about insurance company monopolies, there are states where more than 75% are by just two insurers. so we have the state of monta, two insurers, more than 75% of the market. look at minnesota, iowa, all

9:24:12 to 9:24:32( Edit History Discussion )

Tom Udall: these states have very lit competition going on. and so what you've just talked about is, number one, the federal government can't move in. as i talk, i don't senator durbin heard this, but at the beginning, there was a big national news article that said the insurance companies are

9:24:33 to 9:24:53( Edit History Discussion )

Tom Udall: getting ready to raise the rates because they know that reform is coming, and there is not a single thing that the federal government can do about it. we have a great antitrust unit over in the justice department, but they can't do anything about it because we have these laws in place. and this is -- this is once

9:24:54 to 9:25:15( Edit History Discussion )

Tom Udall: again what we're going to -- we're going to see. this is the pattern in the past. skyrocketing insurance premiums, sky-high insurance company profits. here in the last seven years, a 428% increase. and all of that's going on while

9:25:16 to 9:25:40( Edit History Discussion )

Tom Udall: these 47 million americans without insurance, premiums doubled in nine years, and these huge c.e.o. salaries. so i think the public option is the key here to bring competitiveness to this market, and i think both -- i'm glad that you two are worng in your

9:25:41 to 9:25:45( Edit History Discussion )

Tom Udall: committee to that our antitrust units may be able to get involved in these