Massachusetts lawmakers propose healthcare bill aimed at cost reduction Public officials in Massachusetts are eyeing cost savings as they work to fine-tune the state's healthcare system.

Massachusetts House Leaders released a major proposal this week than aims to bolster the state's healthcare sector through a coordinated cost reduction initiative. The Boston Globe reports the proposed legislation would create an oversight agency to monitor health spending. It could also order reductions in hospital and doctor fees it deemed excessive, according to the news provider.

The proposed legislation could have far-reaching repercussions throughout the Bay State. Supporters of the measure affirmed healthcare costs are rising so quickly that such an oversight committee is necessary. However, critics argued it would have unchecked powers and could arbitrarily penalize certain providers.

According to officials who proposed the new bill, it would help slow quickly rising healthcare costs by as much as 50 percent per year, with total annual spending increasing only 3.7 percent. The House leaders unveiled the plan on Friday afternoon, and they said they would urge other lawmakers to pass the bill.

In Massachusetts, residents are required to have health insurance under an overhaul bill signed into law by former Governor Mitt Romney, who is now the presumptive Republican presidential nominee.

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