1st Session







H.J. Res. 914

United States House of Representatives

January 9, 2023


Sponsored By: Rep Ian A. Medina (D-FL)



Section 1. A joint resolution proposing an amendment to the Constitution of the United States creating a federal trust fund for insurance carriers to hold policyholders’ coverage funds in escrow that disburse quarterly allowances of 40% of profit to the trust in the name of individual and/or collective policyholders as beneficiaries and the federal government as fiduciaries or trustees. 


Section 2. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled (two-thirds of each House concurring therein), that the following joint resolution be enacted and enforced against the territories under our sovereignty.

Section 3. Pursuant to duly executed legislative action by the powers granted in me by Congress, the United States of America adds an amendment to the Constitution of the United States that expressly creates a federal trust fund for all domestic insurance carriers to hold policyholders’ coverage funds in escrow that ensures monies are duly allotted for the rendition of coverage for losses under the indemnity policy. 


Section 4. The United States of America, by and through the Federal Reserve, create and enact a federal trust fund called USA In-Sure-Ance Trust. This is being done with authority granted in the Commerce Clause of the Constitution of the United States of America because it involves and affects interstate commerce. U.S. Const. art. 1, § 8, cl. 3. Moreover, interstate commerce is involved and affected since insurance carriers sell their indemnity policies between all states, claims are covered by the insurance carrier that occur in all different states between people of different states and corporate offices are located in different states. Id. 


Section 5. The Federal Reserve shall be the financial institution that holds and preserves the escrowed funds in an interest-bearing trust to the benefit of individual policyholders of the insurance carriers as administered and executed by the Federal Reserve as trustee and/or fiduciary and/or executor. The Legal Division of the Federal Reserve shall be the department responsible for the enforcement of this legislation in operation and management of everything contained here. 


Section 6. The insurance carrier shall transfer 40% of all quarterly profits to the Federal Reserve throughout the entire calendar year thereby reserving 60% of profit as an asset to the insurance carrier. 


Section 7. On March 1, June 1, September 1 and December 1 of each calendar year, the insurance carrier shall disburse the monies directly to the trust account managed by the Federal Reserve by transfer. 


Section 8. All domestic insurance carriers doing business in the United States of America are required to transfer their quarterly share into the USA In-Sure-Ance Trust. If the insurance carriers fail to transfer the quarterly share one time, then the Federal Reserve shall freeze all assets of the insurance carrier immediately pending investigation and an informal hearing done by the Federal Reserve. 


Section 9. A Board of Trust within the Legal Department of the Federal Reserve is created that will, together with an assigned attorney from the Legal Department, will have the power of investigation and enforcement for this section. The Board of Trust shall comprise of 9 members hired by the Legal Department with qualifications and experience consisting of: (1) a Juris Doctorate degree from an accredited ABA university; (2) at least 6 years of any attorney practicing experience; and (3) United States citizenship either natural born or naturalized after at least 20 years residing in the United States. Each member of the Board of Trust shall earn a salary of GS-15 ranging from $110,460 to $143,598 plus bonuses, full benefits and retirement package.  


Section 10. The assigned attorney shall maintain and keep track of all insurance carriers’ quarterly shares. If any insurance carrier fails to transfer their quarterly share one time, then the assigned attorney must flag the insurance carrier and launch an investigation. Investigation by the assigned attorney after one failure on behalf of the insurance carrier to transfer the aforementioned quarterly share shall consist of: (1) audit of financial records from inception; (2) tracing of cash, stocks, bonds and other assets; (3) forensic analysis of accounting, bookkeeping, payroll and dividends; (4) examination of all business and/or trade practices; (5) any data-gathering methods as is required; and (6) any and all other methods necessary to investigate. 


Section 11. At the end of the investigation, the assigned attorney shall send official notice of an informal hearing to the insurance carrier and also set an informal hearing date where the participants shall have an opportunity to cure the transgression with all procedural safeguards. 


Section 12. The official notice shall require the insurance carrier to send justifications to the assigned attorney within 30 days of the insurance carrier having received the official notice via First-Class USPS Mail. 


Section 13. When the assigned attorney receives the justifications from the insurance carrier, the freeze of assets shall be lifted by the assigned attorney using discretion if the justifications substantially relieves the insurance carrier of responsibility. 


Section 14. Since hearing shall be informal in nature, the parties affected have no implied and/or explicit rights, privileges, immunities and benefits, neither actually nor constructively, that are not conferred herein. This includes the preclusion of the right to appeal the resolution rendered by the Board of Trust in any court of law. Moreover, this precludes the insurance carrier from seeking leave of court to appeal the resolution in the federal courts. 


Section 15. All resolutions issued by the Board of Trust are valid and enforceable against the insurance carrier(s) solely in a court of law under the scope of authority granted herein. 


Section 16. Resolutions shall consist of: (1) factual basis; (2) transgressions; (3) justifications; (4) law on point; (5) application; and (6) decision. Before each informal hearing, the Board of Trust shall choose one member to write the resolution on behalf of the majority. Dissenting opinions may be written by any dissenting members to be included in the resolution. 


Section 17. At the informal hearing, the assigned attorney shall appear before the Board of Trust on behalf of the federal government and its interests. The insurance carrier shall appear before the Board of Trust on their own behalf and/or with counsel subject to the exclusive jurisdiction of the Board of Trust.


Section 18. The federal government shall have 10 minutes to open the informal hearing procedure. Then, the insurance carrier shall have 15 minutes to justify their actions and propose a desired remedial action. Next, the federal government shall have a 5 minute rebuttal and propose a desired remedial action. 


Section 19. At the cessation of the informal hearing, the Board of Trust shall immediately vote on which desired remedial action to adopt in their resolution. The desired remedial action that receives the most votes is the majority opinion. The majority opinion shall be written the next day after the informal hearing. After finalizing the resolution, the Board of Trust shall publish the resolution by submitting it to the Federal Register. 


Section 20. The insurance carrier then has 15 days to abide by the Board of Trust’s resolution. If the desired remedial action is not followed within 15 days of publication, then the insurance carrier’s assets will be frozen, if not already so. If the insurance carrier’s assets were previously frozen and remained frozen during the informal procedure because the assigned attorney determined the justifications did not meet minimum acceptable threshold, then the insurance carrier’s frozen assets shall be unfrozen by the assigned attorney immediately after the insurance carrier complies with the resolution adopted. 


Section 21. When a policyholder files a claim with the insurance carrier, the claims adjuster shall adjust the claim solely by initiating it, gathering documents and recommending coverage. Then, the claims adjusters shall contact the assigned attorney of the Legal Department at the Federal Reserve and submit the file electronically or via First-Class USPS Mail. At that stage, the assigned attorney shall verify the claim and render coverage at all times except as excluded and/or exempted by insurance policies in indemnity. If coverage is rendered by the assigned attorney, then the assigned attorney shall transfer the monies in remittance to the insurance carrier. The insurance carrier shall then send full payment of the entire covered claim to the policyholder. If coverage is not rendered by the assigned attorney, then the file goes back to the insurance carrier for litigation. 


Section 22. The assigned attorney and the entire Legal Department of the Federal Reserve are not liable for rendering unfavorable coverage decisions and reserve all rights, privileges, immunities and benefits. In cases where coverage is denied and sent back to the insurance carrier for litigation, the settlement monies or jury award of damages is disbursed by the assigned attorney in the Legal Department of the Federal Reserve using the aforementioned procedure. In that case, the in-house counsel or defense attorney on behalf of the insurance carrier shall contact the assigned attorney in the Legal Department of the Federal Reserve and submit a settlement order, release of claim(s) and/or jury verdict form to verify the amount that is to be disbursed to the policyholder. 


Section 23. Nothing contained in this legislation is unsound or adverse to any recognized legal protections afforded by law. No exemptions, exceptions, privileges and/or immunities shall be conferred unto any participant in this forum. All claims at law are barred by the Speech or Debate Clause of the Constitution of the United States. U.S. Const. art. 1, § 6, cl. 1. 


Section 24. Everything vested herein is non-negotiable, non-transferable and non-delegable except as provided here. The drafters of this legislation reserve all the rights, privileges, immunities and benefits available at law. Nothing contained here is detrimental or adverse to the affected and/or interested parties regarding this legislation.


Section 25. Additional authority is vested in the conferral of Appropriations unto the Congress by and through the Appropriations Clause of the Constitution of the United States. U.S. Const. art. 1, § 9, cl. 7. 


Sponsored by Rep. Ian A. Medina (D-FL): 01/09/2023


Passes the U.S. House:


Passes the U.S. Senate: 


Sent to Governors & Ratified By 3/4ths State Legislatures in All States:


*Signed by President Joseph R. Biden: 


*President’s signature is superfluous and has no legal effect