Note that the power to examine proposed rate hikes already exists in the states, as the delay of Anthem's California premium increases demonstrates.
Here is what the President is really trying to do: Create an issue that will allow him to claim that Republicans are "on the side of the big insurance companies" that he's (supposedly) trying to tame.
Actually, if the government abuses its authority to block rate hikes, all it will do is drive private insurance companies out of the health insurance business because they're prohibited from making any profit. That means Americans will have fewer choices for their health insurance. (But then again, if you're a big fan of government-run health care, that's a huge plus!)
In the meantime, you can accuse Republicans who believe in free enterprise (and interstate competition that the President apparently won't support) of primary allegiance to the evil health insurers.
As I say: Cynical.