Obama: Public plan would

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If insurance companies do provide good insurancd totheir customers, then they should have nothing to fear from a government-runb competitor, he said. “They should be able to compete,” he If the public plan is able to reducer administrativecosts significantly, private insurers should take note and see if they can do the “There shouldn’t be any objection to that,” Obamqa said.
The public plan should be requiresd tocollect premiums, not be “simplyg eating off the taxpayer trough,” he Health insurers and many business groups contend a public plan wouldr have an unfair advantage because it wouldn’t be subject to all the rules imposed on private insurers and likely would pay healtgh providers less for their services. This could crowd out many privater insurers and lead provider s to charge private insurers more to make up for the lost incomew from the public they contend. When asked whethe including a public plan in health care reform was thepresident said, “We are stillp early in this process.
“Wew have not drawn a line in the sand, other than reformm has to control costs, and it has to provid e relief to peoplewho don’t have health insurancd or are underinsured.” Obama also was askex what he thought about the performanc of Federal Reserve Chairmaj Ben Bernanke, given the fact his financialk regulatory reform plan proposes expandingt the Fed’s authority. “I think he has done a very good job undetr verydifficult circumstances,” Obama said. All regulator fell short of doing what was needed to prevent thefinanciap crisis, but the Fed “probably performeed better than most,” he said.
Sincs the financial crisis erupted, Bernankee has “performed very well,” Obama said.