Texans for Free Enterprise Calls on Lawmakers to Reform Title Insurance; Texas Needs a Well-Regulated, Competitive Market, and Lower Prices for Consumers
A vigorous and well-funded defense of the free enterprise system is the focus of a newly launched statewide organization. Texans for Free Enterprise (TFE), a 501(c)4 nonprofit, nonpartisan organization, will press Texas lawmakers to embrace public policy, tax and regulations that advance continued job creation, investment and competition.
“Free enterprise is what makes America and Texas great, but it’s under assault by special interests who would rather rig the system than compete on a level playing field,” said Doug Deason, chairman of Texans for Free Enterprise and a Dallas-based investor and philanthropist. “While some business interests want special treatment, we’re here to say that competition is good for all business. The government shouldn’t be in the business of creating and defending oligopolies at the expense of entrepreneurs and the working class.”
Deason said TFE’s initial policy campaign will focus on passing much-needed, consumer-friendly reforms to create a well regulated, competitive title insurance market in Texas.
“Texas’ current title insurance system is antithetical to free enterprise,” said Bob Rowling, founder of TRT Holdings and a supporter of TFE. “Unlike most other states, Texas’ title insurance system is rigidly anti-consumer. Texas’ one-size, one-price approach to title insurance forbids competition and forces artificially high costs for homebuyers.”
While title insurance prices vary widely from state to state, Texas consistently ranks among the highest title insurance rates in the country, according to research by Dr. David Eaton at The University of Texas at Austin’s LBJ School of Public Affairs. Texans pay hundreds of millions of dollars more for title insurance than do consumers in other states like New York, Massachusetts and New Jersey.
Texans for Free Enterprise brings unique experience in consumer advocacy and insurance regulation with the additions of Rod Bordelon and Cyndi Krier. Bordelon served as Public Insurance Counsel under Governors George W. Bush and Rick Perry, and as Workers’ Compensation Commissioner under Gov. Perry. In his service as Public Insurance Counsel, Bordelon would regularly cross-examine executives from the title insurance industry who would argue for higher rates. Krier’s distinguished background includes serving as the first woman ever elected as Bexar County Judge, Texas State Senator, University of Texas Regent, and Vice President of Texas Government Relations with USAA.
“Because the state sets fixed rates, title insurance companies are not allowed to offer a better price even if they wanted to,” said Bordelon. “For homeowners, especially first-time buyers, a lack of competition means they’re paying more than they should, potentially putting a home or better property out of reach. Consumers deserve a seat at the table.”
“Texas can have a strong, competitive title insurance market with superior consumer protection. The title industry’s resistance to simply being allowed to offer lower prices – even for the same policies they offer today – speaks volumes to the disproportionate benefit they receive from the current system,” added Deason. “Texas needs a well-regulated, competitive system, rather than the one devised by the title industry at the expense of consumers.”
Learn more about Texans for Free Enterprise and join the organization’s efforts to bring common-sense, pro-consumer reform to title insurance by visiting www.txenterprise.com. Follow the organization on Twitter, @TXEnterprise.
TFE’s Board of Directors include Doug Deason, Doug Chesnut, and Justin Keener who will serve as president.
About Doug Deason:
Doug serves as president of Deason Capital Services, and president of the Deason Foundation. He and his father Darwin Deason, both TFE supporters, have a long history of philanthropy and supporting efforts to remove barriers to success for working-class Texans.
During the 2015 Texas Legislative Session, Doug personally championed the “Second Chances” criminal justice reform bill that was eventually signed into law by Governor Greg Abbott. In 2016, the Deason family provided funding and worked with national experts to launch the Deason Family Criminal Justice Reform Center at SMU’s Dedman School of Law, in order to address wrongful convictions, overincarceration, and ensure “the fair and ethical treatment of individuals at all stages of the criminal justice process.”
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Texans for Free Enterprise, a 501(c)4 non-profit, non-partisan organization, unites businesses and individual Texans to defend our free enterprise system and advance public policy that strengthens the foundation and fundamentals of our Texas economy.
Jennifer HarrisTexans for Free EnterpriseMedia Contact, Texans for Free Enterprise512email@example.com
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