PALLONE STATEMENT Emphasizes Affordability of Health Reform

March 30, 2010

Congressman Frank Pallone, Jr., one of the authors of the health care reform plan, issued the following statement on Tuesday following the bill signing by President Barack Obama of the so-called reconciliation bill, the final legislative measure for health care reform:

"The final step in making health reform a reality will produce one of the most important goals: affordability. The high costs of coverage were profitable for an insurance industry that operated with little competition and minimal oversight, but they were a costly burden for individuals, families and small businesses. The reforms will put consumers in charge of their insurance coverage with choices that emphasize affordability.

"Seniors will get rebates for prescription drugs as the infamous donut hole is closed. The special treatment for Nebraska has been removed and replaced with an expansion of Medicaid subsidies for all states. And, tax breaks for individuals and families will make insurance much more affordable if they participate in the competitive ′insurance exchange.′

"The finishing step in health reform was accompanied with the most significant investment in college affordability in decades. By taking the banks out of the student loan business we will produce a savings of $61 billion over 10 years that will be used to increase the number and the amount of Pell grants and will help produce a world-class community college system. The easy profits for the banks will be used to make college more affordable for students and their families."