Business Roundtable Statement on Senate Health Care Bill

WASHINGTON--(BUSINESS WIRE)--“As providers of health care insurance to more than 35 million Americans, the members of Business Roundtable have consistently taken a fact-based approach to advancing and supporting health care reform proposals. Throughout this discussion, we have remained engaged participants, contributing both data and ideas to help reduce health care costs and expand access to coverage for all Americans.

“We are also concerned that the current proposals miss several key opportunities to reduce costs, most notably medical liability reform.”

“Based on our experience and research, the current health care reform proposal being considered by the Senate will not effect the needed changes to measurably improve the American health care system. Specifically, two of the bill’s provisions will increase costs for employers and, in so doing, threaten the coverage of 177 million Americans who obtain insurance through the workplace: the government-run plan and the new taxes on devices, drugs and insurance. The employer costs associated with these items will jeopardize not only millions of workers’ coverage, but also the competitiveness of America’s companies in the global marketplace.

“We are also concerned that the current proposals miss several key opportunities to reduce costs, most notably medical liability reform.

“We remain committed to working with Congress and the White House to enact health care reform legislation that expands access to coverage for all Americans and achieves real and permanent cost cuts in the system,” said John J. Castellani, President of Business Roundtable.

Business Roundtable is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 12 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and pay more than 60 percent of all corporate income taxes paid to the federal government. Annually, they return more than $167 billion in dividends to shareholders and the economy.

Business Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with more than $111 billion in annual research and development spending – nearly half of all total private R&D spending in the U.S.

Business Roundtable companies provide health care coverage to more than 35 million employees, retirees, and their families.

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