Obama Seeks Repeal of Antitrust Exemption

WASHINGTON (CN) - President Obama on Tuesday called for a repeal of the health industry's exemption from federal antitrust laws. Doing so "would give American families and businesses, big and small, more control over their own health care choices by promoting greater insurance competition," Obama said in a statement as he ramped up his fight against insurers while trying to keep alive efforts for federal health care reform.

Obama sent Congress the short statement in support of a House bill that seeks to overturn parts of the McCarran-Ferguson Act of 1945. The law gave insurance companies protections against monopoly oversights.

The repeal will "outlaw existing, anti-competitive health insurance practices like price-fixing, bid-rigging and market allocation that drive up costs for all Americans," the statement said.

The proposed repeal is popular among House Democrats, but Senate Democrats didn't include it in their plans to overhaul the health care industry.

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