The FOI, Doak said, will override and overlap current state regulations.
“The guidelines outlined for the FIO in the Dodd-Frank Act will naturally evolve to federal regulation. Why else would you create a new agency to duplicate or preempt what states are already doing?” Doak said.
The 2010 Dodd-Frank Act created the FIO to monitor the insurance industry, prevent economic crises, report to Congress, collect data and serve on the Financial Stability Oversight Council. Doak, however, argues that the FIO violates states’ rights.
“The Dodd-Frank Act and the [FIO] is something I view as duplicative and another overreach of the federal government,” Doak said, according to BestWire. “These issues are things that I think should make us ask the questions: What are the plans for the federal government? Why do we need a [FIO] when state-based regulation has worked for many, many years?”
Doak also asserted that with the reenactment of Obamacare and the creation of the FIO, federal regulation is out of hand.
“Americans must be vigilant in order to retain our individual freedoms and states’ rights, otherwise we will lose them forever,” Doak said.