Prepared Statement by Senator Chuck Grassley of Iowa
Chairman, Senate Judiciary Committee
Subcommittee Hearing on Examining Consolidation in the Health Insurance Industry and its Impact on Consumers
Tuesday, September 22, 2015
Mr. Chairman, thank you for holding this important hearing to examine the proposed mergers in the health insurance industry.
Currently, the health insurance industry is comprised of five major insurance companies: Aetna, Humana, Anthem, Cigna, and UnitedHealth Group. If these two transactions are approved by the Department of Justice, the number of major health insurance carriers would be reduced from five, to only three. But that of course is just the beginning of the discussion.
The Department will be examining these transactions closely, as they should. They’ll be looking at the relevant product and geographic markets, as well as issues like the “ease of entry” for new market participants.
I believe in vigorous enforcement of our antitrust laws. Free and fair competition is good for markets. And it’s good for consumers. So, I’m eager to hear from our witnesses today.
As I do, I’ll be listening carefully to learn how these transactions will benefit ordinary, hard-working Americans.
Thank you again, Mr. Chairman. And thank you to all of our witnesses for being here today.
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