dr. burgess will take the rest of the time. dr. burgess: thank you for the recognition. i think it is important we have this hearing today. there is a lot of policy in the affordable care act. a lot of it was bad. and the co-op program was no exception. it has wasted millions of dollars, suffer from a lack of oversight, and created and stability for millions -- instability for millions. it was unsound from the start, another example of the administration's desire to conduct dangerous experience with health care. let us not forget that the themate protection is insurance that their health care will not evaporate into the night believing them without the coverage on which they rely. at last count, 12 had shut down. the rate of failure continues to accelerate. in fact, the subcommittee staff struggles to finalize materials for this hearing because co-ops were failing and announcing failures faster than they can announced the memorandum. we will hear from witnesses today through the center for medicaid and medicare services. they continue to stand in the way of sustainabilit

dr. burgess will take the rest of the time. dr. burgess: thank you for the recognition.nk it is important we have this hearing today. there is a lot of policy in the affordable care act. a lot of it was bad. and the co-op program was no exception. it has wasted millions of dollars, suffer from a lack of oversight, and created and stability for millions -- instability for millions. it was unsound from the start, another example of the administration's desire to conduct dangerous experience with health care. let us not forget that the themate protection is insurance that their health care will not evaporate into the night believing them without the coverage on which they rely. at last count, 12 had shut down. the rate of failure continues to accelerate. in fact, the subcommittee staff struggles to finalize materials for this hearing because co-ops were failing and announcing failures faster than they can announced the memorandum. we will hear from witnesses today through the center for medicaid and medicare services. they continue to stand in the way of sustainability. so

dr. burgess will take the rest of that time. thank you. >> thank you, mr. chairman. and thanks for the recognition. i think it is important that we are having this hearing today. a lot of policy in the affordable care act. a lot of it was bad policy. and the co-op program is no exception. it has wasted millions of tax payer dollars. it has suffered from a lack of oversight. and it has created in stability for millions of patients. the model is fundamentally unsound from the start and was another example of the on administration's desire to conduct dangerous experiments with our nation a's health care. the ultimate patient protection is the assurance that their insurance carrier will not simply evaporate in the night leaving patients without the coverage on which they rely. at last count, 12 of the co-ops have shut down, accounting for over a billion dollars in tax payer dollars lost. the rate of failure continues to accelerate. in fact, the subcommittee staff struggled to finalize materials for this hearing because co-ops were failing and announcing failures faster t

dr. burgess? representative burgess: i think it's important we are having this hearing today. there is a lot of policy in the affordable care act and a lot of it was bad policy. the co-op program is no exception it has wasted millions of dollars it has suffered from a lack of oversight is greeted instability for millions of patients. the model was fundamentally unsound from the start and another example of the administration's desire to construct dangerous instruments with our nation's health care. let us not forget the ultimate patient protection is the assurance that their insurance carrier will not simply evaporate in the night. leading patients without the coverage in which they rely. are shut down,s accounting for $1 billion in taxpayer dollars lost. the rate of failure continues to accelerate. in fact the subcommittee staff struggled to finalize materials for this hearing because co-ops were failing and announcing failures faster they can finalize the memoranda. we will hear from witnesses the center for medicare and medicaid services continue to stand in the way of the

and then a very direct question would be to the burgess, and i will go to dr. cohen -- have we taken any of these enforcement coops? against the >> there is a provision to terminate the agreement, which would require them to return all unused funds. there is another in the funding opportunity, there is the issue of enhanced opportunity plans and corrective opportunity plans. c.m.s. has actually put several of the coops under enhanced plans and corrective action players. those are a part of the loan agreement. >> has c.m.s. terminated any loan agreements? >> i am not aware. >> we have terminated the loan agreements for the 12 coops that we have heard are shutting down. >> did we get any money back? >> i want to make sure forward we have it right. in vermont we go the vast majority of the money. there was some money used in their start-up funds that was not recovered. on a go forward basis, we are making sure the insureds have coverage to the end of the year. at that time we will do a run-out of claims and the financial organizations and then use all of our abili