Published: June 02, 2011
Washington – Business Roundtable today released the following statement:
“Business Roundtable welcomes today’s House Energy and Commerce Committee hearing to examine the impact of the major rules issued by the Department of Health and Human Services under the Patient Protection and Affordable Care Act (PPACA). We are concerned that the cumulative effect of the new regulatory requirements may impose high financial and administrative costs on job creators and jeopardize both access to and quality of health care for American workers and their families.
“Business Roundtable has been encouraged by steps the Administration has taken on President Obama’s plan to create a 21st-century regulatory system, however the proposed rules under PPACA that affect employer-sponsored health plans should be developed in a manner that avoids disruption, added costs or increasing the regulatory burden faced by U.S. businesses that is impeding job creation and economic expansion. This regulatory burden will add to other significant costs that will be passed on to all health care purchasers such as the insurance tax, the comparative effectiveness tax, the reinsurance tax, the high-cost tax, the medical device tax and the prescription drug tax – all of which will increase health care premiums.
“At a time of stubbornly high unemployment, we should not spend more money in health care that makes job creation more unaffordable. We need to ensure the money being spent on health care is utilized effectively. So, we urge Congress and the Administration to ensure we implement meaningful health care reform that reduces health care spending trends, increases access to quality care and allows U.S. businesses to create jobs and drive economic recovery.”
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 13 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $114 billion annually in research and development – nearly half of all private U.S. R&D spending. Our companies pay more than $179 billion in dividends to shareholders.
BRT companies give nearly $9 billion a year in combined charitable contributions.