I have some of the same sentiment expat2. But I still liked it.
It does need to be “tightened up” - and I would like to know why he wanted/needed States to set up exchanges.
As I understand it, there were two or three reasons: (i) the cost of the program came out too high if all the exchanges gave out subsidies, (ii) they wanted to incentivize the states to set up their own exchanges, (iii) there were some questions about whether the fed exchange giving out subsidies was kosher.