Smith Speaks on CoOportunity Health’s Potential Liquidation, Another Obamacare Failure (Video)

Congressman Adrian Smith (R-NE) spoke on the floor of the House of Representatives this evening to draw attention to the far-reaching impacts of CoOportunity Health’s potential liquidation. Tomorrow the House of Representatives will vote on H.R. 596 to repeal Obamacare.

Click here for video of the speech.

Remarks as prepared:

Mr. Speaker, I rise today to draw your attention to CoOportunity Health, one of twenty-three insurance CO-OPs created by Obamacare.

These plans have been awarded approximately $2 billion in taxpayer dollars – CoOportunity specifically received $146 million in federal loans.

On December 23, 2014, the Iowa Insurance Commissioner submitted a petition for an Order of Rehabilitation of CoOportunity Health. The company now faces liquidation.

Approximately 120,000 of CoOportunity’s customers, most of whom live in Nebraska, have been told they need to find a new insurance carrier.

I am extremely concerned about this situation for Nebraskans needing health coverage and for the taxpayers who have seen millions of dollars lost and millions more put at risk.

This is one more example of Obamacare’s failure.

Last month I sent a letter to HHS Secretary Burwell seeking more information about these concerns.

Americans were promised they could keep the insurance they had and liked, and now we are seeing they cannot even keep the insurance this law created.

CoOportunity’s failure is one more reason I look forward to voting tomorrow to repeal this harmful law.

Thank you Mr. Speaker. I yield back.